Council of mortgage lenders handbook
Council of Mortgage Lenders reports rise in buy-to-let lending
Prospect of rate rise boosted remortgaging in September
Remortgaging held up month-on-month and was stronger than a year ago as borrowers sought to fix their mortgage costs ahead of a widely anticipated increase in Bank base rate. Previous Next! September. Over the last fifteen years the UK mortgage market has been through huge change and seen many new regulatory requirements, not least as a result of the Mortgage Market Review and the implementation of the Mortgage Credit Directive.
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The 4 Different Types of Mortgage Lenders!!
David Knapp, Partner and head of residential property at law firm Hart Brown, calls for a simplification of the relationship between solicitors and mortgage lenders. In what now seems a dark and distant past a good number of providers of residential mortgages put their heads together and in introduced the Council of Mortgage Lenders handbook. The aim of the handbook was to provide a standard process for solicitors when dealing with mortgages. In essence the aim was to make life simpler due to the huge number of different requirements that each lender placed on to solicitors. Between and the CML Mortgage Code existed as a voluntary system of regulation but thereafter became mandatory. Part II of the handbook was introduced laying down the extra requirements of individual lenders who each have their separate part II handbook.
Remortgaging held up month-on-month and was stronger than a year mortgagw as borrowers sought to fix their mortgage costs ahead of a widely anticipated increase in Bank base rate. November Each of these have their own requirements on behalf of their own lender members with different requirements and obligations imposed on solicitors on top of Part II of the coucil. Remortgaging was particularly strong, with borrowers seeking to lock into historically low interest rates in advance of the widely anticipated rise in Bank base rate at the beginning of November.