Despite significant changes in the mortgage lending landscape, we continue to receive numerous enquiries about The Council of Mortgage Lenders (CML) from prospective new build homebuyers. It’s interesting to note that many professionals in the home building and inspection sectors still reference the CML in their discussions, even though the organisation underwent a major transformation several years ago.

For those unfamiliar with this important change in the UK property sector, the Council of Mortgage Lenders was integrated into UK Finance on 1st July 2017. This merger was part of a larger consolidation of financial trade bodies in the UK, bringing together several key organisations under one umbrella. The CML, which previously represented about 95% of residential mortgage lending in the UK, became part of this new, more comprehensive financial services trade association.

This transition marked a shift in how the mortgage lending industry is represented in the United Kingdom. UK Finance now serves as a unified voice for around 300 firms providing various financial services, including credit, banking, markets and payment-related services. This consolidation was designed to streamline industry representation and create a more efficient point of contact for both policymakers and stakeholders.

For new build homebuyers, it’s important to understand that while the CML no longer exists as a separate entity, its essential functions continue under UK Finance. The frameworks and guidelines established during the CML era remain operational, ensuring continuity in industry standards and practices. All mortgage-related information, market updates, and regulatory guidance previously managed by the CML are now handled through UK Finance.

The persistence of CML references in professional conversations reflects the organisation’s historical significance in shaping the UK’s mortgage lending landscape. However, for current and prospective homebuyers, it’s important to know that UK Finance is now the authoritative body for mortgage-related information and industry guidance.

For those interested in learning more about this transition and its implications for homebuyers, we published a detailed article back in 2017. You can read the full article here: The Council of Mortgage Lenders: Important Changes for Homebuyers