The Council of Mortgage Lenders has pledged its support of the governments plans to extend home ownership.
In his introduction to the CML annual conference, Stuart Bernau, chairman of 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 benefits include more efficient sale processes, less stress and delay in conveyancing transactions and fewer barriers to entry into home ownership.
However, he warns more mortgage market interventions are planned, which are likely to add an additional layer of business costs to be borne by the consumer. Because of this, he adds, the industry remains to be convinced that interventions deliver sustainable consumer benefits.
Bernau adds: The CML mission is to promote a thriving mortgage market environment. So far so good, but some real challenges lie ahead.
Included in these is Home Information Packs, due to be introduced in June 2007. Bernau expresses concern that this date was a bit tight and urges the government for more details of the implementation plan to ensure a smooth introction.