CML focuses on affordability and HIPs

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Latest news in the UK for December 2006 covering the financial news sector.

The Council of Mortgage Lenders' (CML) chairman Jon Pain has identified housing affordability and home information packs (HIPs) as the main challenges for lenders in 2007.

At the meeting of the CML's Executive Committee it was confirmed that Jon Pain, managing director of Cheltenham and Gloucester plc, would be supported in his second year in office by deputy chairman, John Maltby, chief executive of Kensington Mortgages, who is also serving a second term. Steve Crawshaw, chief executive of Bradford and Bingley plc, was appointed deputy CML chairman in mid-2006, and he will also continue in this role.

Commenting on his appointment as CML chairman for 2007, Jon Pain said: "I am delighted to continue as CML chairman in what will undoubtedly be another exciting and challenging year for the mortgage industry. Over the next 12 months we will see the long awaited introduction of home information packs - the biggest change to the process of buying and selling property in recent times. The CML and lenders have worked hard to ensure the packs are introduced as smoothly as possible, with minimal market impact.

"And, as always, affordability of home-ownership will remain high on the agenda. It will be a major challenge for both government and mortgage lenders to help aspiring home-owners on to the property ladder in a sustainable way.

"With a busy year ahead, I look forward to working with the CML to develop an innovative and diverse mortgage market which meets the needs of both lenders and consumers."

Jon has been managing director of Cheltenham and Gloucester since May 2003 and prior to this held a range of senior executive positions at Lloyds TSB.