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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CML sets out what lenders need from Help to Buy


Published: 31 July 2013 | Author: Bernard Clarke

We are urging the government to ensure that the Help to Buy mortgage guarantee scheme, due to be launched next January, is straightforward for lenders to implement and administer. That will make the scheme more attractive to lenders and borrowers, and help firms introduce the systems changes necessary for launching the initiative within the short timescale before it goes live.

We welcomed chancellor George Osborne’s progress report earlier this month on plans for introducing the scheme. We have been working with the government on a range of operational issues still to be resolved and, on behalf of the lending industry, attended the meeting at which Mr Osborne gave his progress report, along with house-builders and other lender representatives. 

To help make the mortgage guarantee element of Help to Buy a success, we have consistently emphasised that it should:

  • Have clear criteria for success, and a clear exit strategy. The scheme is scheduled to run for three years, but will be reviewed by the Bank of England’s financial policy committee. However, lenders do not expect the initiative to become permanent or semi-permanent.
  • Be supported by government measures to increase the supply of housing (not just the supply of credit). That is needed to avoid the unwelcome effects of stimulating demand without increasing supply.

Data clearly show that the mortgage market is already open for business, and government support has helped create more favourable market conditions for home-buyers. Whether or not individual lenders choose to participate in the mortgage guarantee scheme, they will continue to meet the needs of consumers for mortgage credit, and to lend responsibly.