View more on these topics

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.”

Recommended

Sinking fund floated for the FSCS

The FSA is considering proposals to set up a pre-paid emergency compensation fund as part of its review of how to fund the Financial Services Compensation Scheme. FSCS chief executive Lor- etta Minghella says the industry is looking for a solution to manage the volatility of the existing system to avoid firms being suddenly hit […]

AMI appoints associate director

The Association of Mortgage Intermediaries has today announced the appointment of Rob Griffiths as associate director. Griffiths, formerly editor at trade magazine Mortgage Introducer, will take responsibility for the day-to-day running of AMI, reporting directly to its director general Chris Cummings. AMI director general Chris Cummings says: Rob has in-depth knowledge of the mortgage market, […]

Best of British

UK equity income funds generally outperform UK growth funds over longer periods although in the short term, when there is a bull market, as in the past year or so, the latter usually do better.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment