CML highlights mortgage affordability issue

Date:Friday 17th September 2010
Author: Max Freedman

The Council of Mortgage Lenders (CML) has claimed that regulatory change could make it less affordable for people to own their home.

Director general of the organisation Michael Coogan called on politicians to think carefully about any amendments they bring in.

He highlighted research carried out by the CML showing 85 per cent of British adults want to own their properties in ten years' time, suggesting that this made matters "crystal clear".

Mr Coogan said: "Home-ownership levels are already falling and they will continue to fall. Is that the outcome that policymakers want? It is certainly not what consumers want."

In his view, it could be especially tough in the future for young people to secure a mortgage and he pointed at upcoming regulatory changes as major factors in this situation.

Recent figures published by the organisation showed the market remained weak in July, even though the value of house purchase loans saw a year-on-year increase of 15 per cent.