Leading figures from the mortgage industry have recently met with the Economic Secretary to the Treasury, Harriet Baldwin, to discuss how the market can develop going forwards. Particularly, how the market can be suitable for all ages, the Help to Buy ISA and supporting lender for older borrowers were all discussed at length.
In attendance at the meeting were Paul Smee from the Council of Mortgage Lenders, Pensions Minister Ros Altmann, Housing Minister Brandon Lewis and Bank of England and FCA representatives. The CML and Which? outlined a series of reforms that they are working on with the Government to promote mortgage transparency. The results are expected to be revealed later in the summer.
Over the last Parliament, 2.8million mortgages have been advanced, totalling £444.5bn. Other data shows that 100,000 people have moved onto or up the housing ladder.
Harriet Baldwin said that, ‘it was great to meet with the mortgage industry today to discuss how we can together to ensure that the mortgage market works for every stage of someone’s life.’
The government’s Help to Buy: ISA – due to launch later in the year – will get young people on to the housing ladder, while our work on supporting lending to older people will make sure the mortgage market delivers for those who have worked hard all their 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,’ she added.
Leading figures discuss more mortgage reforms
Paul Smee, Director General of the CML stated, ‘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.’
Baroness Altmann, Minister for Pensions, added, ‘we will continue to work with mortgage lenders to ensure their products and practices reflect changing social realities, such as the increased prevalence of later life working and secure private pension income through retirement. We want to ensure that people have fair access to mortgage finance when they need it.’