Members of the Council of Mortgage Lenders adopt new statement of practice

Buy-to-let lenders who are members of the Council of Mortgage Lenders are adopting a new statement of practice, designed to provide clarity about how responsible buy-to-let lenders operate.

31 lenders representing an estimated 90% of the buy-to-let market have already adopted the statement of practice. All CML members who offer buy-to-let mortgages are expected to adopt it over the course of 2015.

CML director general Paul Smee said: “Lenders know how important it is to have a transparent mortgage market, in which borrowers can have confidence, and where lending policy is both responsible and clearly understood. The new buy-to-let statement of practice reflects what responsible lenders already do and offers a clear explanation of how buy-to-let lenders operate. We hope it will make a valuable contribution to understanding the buy-to-let lending environment.”

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