From 1st July the Council of Mortgage Lenders is integrated into a new trade association, UK Finance. For the time being, all UKF mortgage information will continue to be published on this website, and UKF member-only mortgage information will only be available here.

UK Finance represents around 300 firms in the UK providing credit, banking, markets and payment-related services. The new organisation takes on most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association. Please go to for wider content and updates from UK Finance.

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Breaking news: CML welcomes FLS help for non-banks!


Published: 24 April 2013 | Author: Bernard Clarke

We welcome today's announcement by the Bank of England of an extension to the Funding for Lending scheme (FLS) that will indirectly enable non-bank lenders to benefit from the initiative.

Although non-bank lenders cannot access the scheme directly, any banks that lend to them will now be able to include that lending as eligible for the FLS. This should result indirectly in the benefits of the FLS scheme being passed through to non-bank lenders.

As we conclude in our main article today, we favour a market providing choice and diversity, which delivers the best outcomes for consumers. So, today’s announcement of measures that widen access to – and the benefits of – the FLS should provide wider choice for borrowers and further promote competition and diversity in the mortgage sector.

In an earlier assessment of the FLS, we welcomed its potential to lower mortgage costs and widen access to higher loan-to-value lending, but regretted that it was not open to non deposit-taking (non-bank) lenders. Today’s announcement goes some way to addressing this issue.

We also welcome today’s confirmation that the FLS will be extended for a further year. This extension will minimise the risk of disruption to lending flows that might arise in anticipation of the closure of the scheme.