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CML urges Government action over Hips

A report published today by the Council of Mortgage Lenders expresses serious concerns that home information packs may not be implemented on time.

It is also concerned that the Government and the public do not understand the impact Hips will have on the mortgage market.

CML director general Michael Coogan says: “With only 16 months to go, there is still a huge amount of work to do to make Hips a reality.

The Government must urgently publish a detailed timetable of action, so that the market and consumers can know what to expect and when.

“The Government must also work to dispel the myth that the HCR element of the pack will stop the need for lender valuations. This is simply incorrect and sends out a confusing message to consumers.

“Finally, it is vital that Government addresses the potential consequences the implementation of Hips might have. Hips represent a huge change in the process of buying and selling a house and will undoubtedly impact upon the market * possibly in unintentional ways.

The Government must examine what impact the packs will have so that all stakeholders can be prepared for their onset.”

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