The Association of Mortgage Intermediaries is to hold an event in May in a bid to encourage new lenders into the UK mortgage market.
AMI director Chris Cummings says it is currently looking at setting up an event where it will invite into the UK lenders who do not currently operate here.
He says AMI is also currently in negotiations with China, Singapore and others to showcase the UK mortgage market to them.
AMI has already got the backing of the Treasury and is in talks with a number of politicians and the Bank of England representatives to come and speak at the event.
Cummings says it is up against the clock in pulling everything together but AMI is targeting May otherwise it will be too late.
“We have to start doing positive things. There is so much negativity around the mortgage market. We’ve got this great market where people want to get homes and all that is happening is that we’re talking ourselves into this mortgage market crisis.
He adds: “We want to open the gates to existing mortgage lenders such as Halifax, Abbey, to incentivise them and to get them to start thinking more aggressively about the market again.”
Cummings says it is a shame that the event had to come from AMI, noting that it should have come from bigger institutions. He says that it is very happy to work in partnership with other associations such as the CML and the BBA.
“We haven’t had much interaction yet with them as we wanted to make sure we had the support from new people into the UK and the politicians. We’ve got acceptances from politicians already and we will be looking to announce a line-up in the next few days.”