CML backs home ownership plans

The Council of Mortgage Lenders has pledged its support to the government’s plans to extend home ownership.

In his introduction to the CML annual conference, Stuart Bernau, chairman of the CML and commercial and communications director at Nationwide, told listeners that targeted intervention is welcome but only if it delivers real benefits to consumers.

These must include a more efficient sales process, less stress and delays in conveyancing transactions and fewer barriers to home ownership.

But he warns more mortgage market interventions are planned which are likely to add additional costs which will be borne by consumers.

Because of this, he says, the industry remains to be convinced that intervention delivers sustainable consumer benefits.

Bernau adds: “The CML mission is to promote a thriving mortgage market environment. So far so good, but real challenges lie ahead.”

Included in these is Home Information Packs, due to be introduced in June 2007.