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.

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CML welcomes Help to Buy ISA Budget announcement

Published: 18 March 2015

The Council of Mortgage Lenders welcomes the announcement by the Chancellor of the Exchequer in today's Budget of a "Help to Buy ISA" scheme, designed to provide a 25% government-funded boost to savings accumulated for a deposit.

The CML looks forward to working with Government on the details of the scheme.

CML director general Paul Smee comments:

"Those who can save for a deposit will appreciate the boost announced in today's Budget. Such steps are welcome. But as saving for a deposit will never become easy, we still need a clear focus on the supply of new housing that will help deliver a sustainable, affordable housing market over the long term."

Incidentally, the winner of the CML's "Rising Stars" initiative last year suggested an incentivised deposit savings scheme - you can see his idea here.

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 11.1 million mortgages in the UK, with loans worth over £1.3 trillion.

2. The Government has published an outline of the new Help to Buy ISA scheme here.

3. The table below shows the average (median) level of deposit by first-time buyers across all regions within the UK.

18.03.2015 - average level of deposit by first-time buyers regions UK

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