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 www.ukfinance.org.uk for wider content and updates from UK Finance.

Published: 28 November 2013

The Council of Mortgage Lenders says that the changes to the Funding for Lending Scheme to remove the incentives that favour mortgage lending, announced today by the Bank of England, reflect the improvement in funding market conditions that has been experienced in recent months.

CML director general Paul Smee observes:

"Although the changes to the FLS may be a surprise, they are not a shock. Mortgage lenders are well equipped to meet their funding needs, as wholesale funding market conditions have improved and retail deposits are robust."

Notes to editors

1. The Council of Mortgage Lenders' members are banks, building societies and other lenders who together undertake around 95% of all residential mortgage lending in the UK. There are 11.2 million mortgages in the UK, with loans worth over £1.2 trillion.

2. The Bank of England's announcement - Bank of England and HM Treasury re-focus the Funding for Lending Scheme to support business lending in 2014 - is available on the Bank's website.

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