The Council of Mortgage Lenders (CML) has been integrated into a new trade association called UK Finance, effective from 1st July 2017. This change represents a significant shift in how the mortgage lending industry is represented in the United Kingdom.

What Was the Council of Mortgage Lenders (CML)?

The CML operated as the trade association for the mortgage lending industry in the UK, with its membership accounting for approximately 95% of residential mortgage lending throughout the country. Its membership included banks, building societies, and specialist lenders who operated within the UK mortgage market.

As a not-for-profit organisation, the CML worked to represent the mortgage lending industry while providing economic and statistical data to both members and the public. The organisation supplied market information, legal guidance, and research that contributed to industry practices and policy decisions.

The Transition to UK Finance

The integration of the CML into UK Finance is part of a broader consolidation of financial trade bodies in the UK. This merger brings together several organisations, including the British Bankers’ Association (BBA), Payments UK, the UK Cards Association, and the Asset Based Finance Association. UK Finance now represents around 300 firms that provide credit, banking, markets and payment-related services across the United Kingdom.

The consolidation followed a review into financial trade bodies, with the merger officially announced in November 2015. The decision to combine these organisations aimed to reduce duplication of efforts and create a single point of contact for policymakers and industry stakeholders.

What This Means for Homebuyers

For those purchasing properties or seeking mortgages, the transition means that industry representation has moved from the CML to UK Finance. The existing frameworks and guidelines established under the CML continue to operate under the new organisation. UK Finance has taken on the responsibility for providing industry guidance and maintaining relationships between lenders and borrowers.

While the CML no longer exists as a separate entity, its functions continue under UK Finance. The new organisation maintains responsibility for mortgage sector information and guidance. All mortgage-related information previously managed by the CML has transferred to UK Finance, ensuring continuity of industry data and support.

UK Finance’s scope encompasses the broader financial services landscape, bringing mortgage lending together with other banking and finance sectors under one organisation. Industry statistics, mortgage market updates, policy developments, and regulatory information are now handled through this single body.

Accessing Information

Those seeking mortgage-related information can now find it through the UK Finance website (ukfinance.org.uk). This website serves as the central source for economic, statistical, legal, and market information related to mortgages and property finance.

At New Build Inspections, we provide this information to ensure our clients are aware of changes in industry representation that may affect their home-buying process. While the transition from CML to UK Finance marks a significant change in how the mortgage industry is represented, the fundamental processes of mortgage lending continue as before.

For any questions about how these changes might relate to your new build purchase or snagging inspection, our team of experts remains available to assist you. We continue to focus on ensuring that your property inspection needs are met, regardless of changes in the wider financial services landscape.