Initial CML response on Autumn Statement
Published: 25 November 2015
The CML will now look in detail at the Autumn Statement measures.
Responding to the Autumn Statement announcements, Paul Smee, director general of the Council of Mortgage Lenders, said:
Lenders already lend across the whole range of housing tenures, and we will work constructively to help deliver finance to support new supply. As always, the detail matters. If there are any barriers to effective delivery of these new homes, we will seek to help Government identify how to tackle them.
Additional stamp duty on buy-to-let transactions comes hot on the heels of the forthcoming tax changes to landlords already announced. Government will need to keep a careful eye on the cumulative effects; with the private rented sector housing around a fifth of the population, we do need to avoid unintended consequences.
We were pleased to note the Government's welcome for the work which we have been undertaking with Which? on mortgage cost transparency.
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. Section 1.148 and section 3.102 of the Autumn Statement report also refers to the CML's work with Which? on transparency of mortgage costs. You can see the full report to the Chancellor by CML and Which? here.