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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House of Lords call for evidence on financial exclusion

Last updated: 14 Sep 2016

Consulting body:
Select Committee on Financial Exclusion
Period of consultation:
Runs from 22 July 2016 to 14 September 2016
CML action:
Response submitted

The Select Committee’s call for evidence is an attempt to build up an understanding of financial exclusion from first principles. We acknowledge and welcome this work.

Our comments focus on how the mortgage industry supports customers on lower incomes or who are financially vulnerable.

CML response

Mortgage lenders are open to all customers but can only lend where there is a strong prospect that the borrower will be able to meet their ongoing mortgage commitments.

Lending activity is subject to the Mortgage Conduct of Business (MCOB) regulations of the Financial Conduct Authority (FCA).

Lenders are only permitted to lend in circumstances where the “customer will be able to repay the sums borrowed and interest (in the case of a regulated mortgage contract) or pay the sums due (in the case of a home purchase plan).

Download the full CML response below.