Mortgage lenders do support reform, CML remarks
www.moneynews.co.uk > Mortgages > Mortgage lenders do support reform, CML remarks
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Money News |
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Mortgage lenders do support reform, CML remarks
Thu 26th May 2011
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Voicing its support to the proposed reforms of the mortgage system, the CML addressed the need for caution when developing a plan of action.
The council also agreed with the survey, which revealed that 87 per cent of the 2,118 respondents felt that lenders should adopt sensible lending strategies.
Director of the CML Michael Coogan addressed the difficulty of implementing changes to mortgage regulations in the current economic climate.
He said: "A measured approach from regulators and government is simply good sense in a market where there are as many risks from too much regulation as from too little."
The report also revealed that the majority of respondents felt that mortgages should only be given to people who prove they can afford them .
Statistics showed that 83 per cent of people agreed that a borrower's income should be checked to ensure repayments can be made.
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