Mortgage industry in Treasury meeting
In attendance was economic secretary to the Treasury Harriett Baldwin, Council of Mortgage Lenders director general Paul Smee, the housing minister Brandon Lewis, the pensions minister Ros Altmann and many others.
They talked over the adoption of the Help to Buy ISA for first-time buyers and also how to support lending to older people.
The CML and Which? also deliberated mortgage transparency reforms, which are set to be announced this summer.
Baldwin said: “It was great to meet with the mortgage industry today to discuss how we can work together to ensure that the mortgage market works for every stage of someone’s life.
“Last year the government asked Which? and the Council of Mortgage Lenders to work together on practical steps that could to be taken to improve the transparency of mortgage fees.
“It was great to hear today about the excellent progress that this project has made towards making sure that hardworking families can get the best-possible deal on their mortgage.”
The CML’s Smee added: “We are pleased that the real effect which the mortgage market can have on people’s lives is recognised within government.
“We take the industry’s responsibilities to borrowers very seriously; we hope the improvements we are making to the transparency of fees and charges will help make it easier for people to understand mortgage costs more easily, and will support the many benefits that a wide choice of mortgages brings to consumers.”