View more on these topics

United front needed to lobby on EC directive

The government, regulator and mortgage industry will need to unite if they are to be successful in lobbying the European Commission over its mortgage directive, say industry experts.

The Council of Mortgage Lenders says it has spoken to the Treasury which agrees that a number of proposals should be changed in the directive.

The trade body says the Treasury wants buy-to-let mortgages to be excluded and does not want the Key Facts Illustration replaced with a European Standardised Information Sheet.

Peter Williams, executive director of the Intermediary Mortgage Lenders Association, says a united front in the UK will help lobbying.

He says: “There is significant agreement across the industry, government and regulators and we must use that to sustain our lobbying.”

He says it will not be an easy task as the Treasury believes the UK will be in the minority arguing against some of the proposals.

But he adds: “The government is more likely to have an impact if it has strong support so the industry should now support its lobbying process.”

The CML also claims the government is opposed to the proposal that would result in lenders offering competitors’ products so that they can provide advised sales.
But the Association of Mortgage Intermediaries does not agree and wants to see advised sales made compulsory.

Ray Boulger, senior technical manager at John Charcol, says there is general agreement between the government, regulator, lenders and brokers on what they don’t want in the directive.

But he says: “The only area of significant disagreement between lenders and brokers is the question of whether to make advice compulsory in branches. If we can put this difference to one side the Treasury, regulator, lenders and brokers will be able to speak with one voice.

“We will have more impact than if we all speak separately.”


CML lifts 2011 lending forecast to £140bn as credit constraints ease

The Council of Mortgage Lenders has raised its 2011 forecast for gross mortgage lending by £5bn to £140bn. In December 2010 the trade body predicted £135bn of gross lending in 2011 and net lending of £6bn. But in its News & Views newsletter last week, it says credit constraints are starting to ease so it […]

Devon adviser wins MS wine dra

Jan O’Neil, a mortgage broker from Devon-based Real Mortgages, is the lucky winner of a case of wine as part of Mortgage Strategy’s near-prime poll. The poll was launched to gauge brokers’ attitudes to near-prime and everyone who took part last month was entered into a competition to win a case of fine wine. Mortgage […]


A little happiness for the housing market

A positive news story was doing the rounds recently following the results of a recent survey into happiness. The findings offer a glimmer of joy at an otherwise gloomy time for many. The Organisation of Economic Co-operation and Development’s survey found that of the Brits asked, 68% said they were satisfied with their lives. This […]

Money Partners RMBS goes 34% into arrears

Three of Money Partners’ residential mortgage-backed securities tranches have over 34% of their book in arrears of 90 days or more. As of February 2011, Money Partners Securities 2 cumulative losses as a percentage of the original portfolio balance amounted to 4.1%, up from 1.5% in May 2008. Loans delinquent by more than 90 days, […]

Could Proptech revolutionise construction?

By Rebecca Murphy, relationship manager, LendInvest  The construction sector offers enormous potential when considering the implication emerging technologies could have on both existing processes and final results. While the completion of an entirely 3D-printed office block may be ‘sexier’ news than a new smart toolbelt that tracks the wearer’s location on site, each area of development […]


News and expert analysis straight to your inbox

Sign up