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 honoured to receive Which? award

Published: 25 May 2016

The Council of Mortgage Lenders is honoured today to receive the Which? award for positive change, which has been awarded by the consumer organisation for our work to improve the presentation, accessibility and consistency of mortgage fees and charges.

The CML has worked with Which? for nearly two years on this initiative, which has resulted in a standardised mortgage tariff being introduced on a voluntary basis, to make it easier for customers to understand the fees and charges made by lenders, and to compare them.

Accepting the award, CML director general Paul Smee said:

We are honoured to receive this award. I believe that a core objective of a trade association should be to improve the market in which its members operate. This exercise met that criterion. The online market will benefit as a consequence. CML can regard that as a positive outcome for all concerned... Which? contributed a lot to the exercise. They primarily played the role of critical friend, keeping us focused on the ultimate objectives of the exercise.

Our work is not over... we are looking at how tariffs interact with price comparison websites, and how we can better present the overall cost of a mortgage in a way that helps the consumer. This is a journey; it was never going to be completed in one fell swoop and within twelve months. But I do believe that the benefits of increased transparency are already being felt. And I think that our collaboration with Which? ensures that we continue on that journey.

Recently, the Financial Conduct Authority also made reference to the CML/Which? transparency work in its feedback statement on the call for inputs on competition in the mortgage market, and will be contributing to the next phase of the work.

The CML looks forward to working with Which? towards further progress on this ongoing initiative.

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.

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