The role and purpose of the Council of Mortgage Lenders (CML), plus details of how Shire Direct can help with a Mortgage!
The Council of Mortgage Lenders (CML) is the trade boy that represents some 98% of the UK's residential mortgage lenders.
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Here we explain the role and purpose of the Council of Mortgage Lenders when it comes to mortgage lending in the UK and how Shire Direct can assist with arranging mortgage funding.
Table of Contents:
What is the Council of Mortgage Lenders?
The Council of Mortgage Lenders (or CML for short) is a trade body that represents most of the UK's residential mortgage lenders, in fact some 98% of them.
The Council of Mortgage Lender's mission statement declares that: "Our goal is simple: to promote a thriving environment for the UK housing and mortgage markets".
Their membership is made up of banks, building societies and other mortgage lenders, and the Council acts as the central provider of economic, statistical, legal and market research information, and acts as spokesman for its membership.
The role the CML plays with regards to mortgage lending
In addition, the CML provides the public with important information relating to the processes of house purchase and sale, equity release products, buy-to-let funding as well as payment protection insurance. However, beyond the factual information that it provides, the Council of Mortgage Lenders will not provide advice to the public. Similarly the Council of Mortgage Lenders is not a regulator, and will not consider complaints regarding the conduct of a CML member.
The CML issues a comprehensive Lenders' Handbook that provides detailed instructions for solicitors or conveyancers, acting on behalf of CML members in the processing of residential conveyancing transactions.
How Shire Direct can help with mortgage funding...
Hopefully, that has explained the Council of Mortgage Lenders and their role and purpose when it comes to mortgage lending. For further reading why not take a look at their website. If you are looking for a mortgage or remortgage, why not get in touch with us here at Shire Direct, we'd be delighted to help. Our Freephone Telephone lines (08000 282 281) are open between 8am and 10pm, and you can also enquire online anytime. We can often help even in the trickiest and most unusual circumstances, so why not get in touch!
The overall cost for comparison is 9.8% APR.
The actual rate available will depend upon your circumstances. Ask for a personalised illustration. APR variable and based on a usual case. Most customers are likely to receive a lower rate or the same rate as our overall cost for comparison rate - learn more about APR.
There are no upfront broker fees.
However, a fee may be charged on successful completion. An indication is that on conforming cases (straightforward applications with no or minimal adverse credit) a fee may be charged of up to 1% of the amount advanced, typically £795 and will depend on your circumstances.
For non-conforming cases (where case research and processing may be more complex due to adverse credit or unusual circumstances), a fee may be charged of up to 3% of the amount advanced, typically £1,995.
THINK CAREFULLY BEFORE
SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED
IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Adding existing debt to your mortgage will increase the repayment term and overall cost.
Are you worried and becoming stressed because you are having problems getting a mortgage or remortgage? Worry and stress no more! Here at Shire Direct we provide tailor made mortgage solutions to suit you, and can usually help with all kinds of circumstances including...
Remember, we're here to help, and would love to hear from you!
Shire Direct and Shire Direct Mortgages are trading styles of Shire Processing Centre Limited which is
Authorised and regulated by the Financial Services Authority in respect of regulated mortgage products and general insurances.
Registered No: 302389. Commercial funding and Secured Loans are not regulated by the FSA.
Licensed Credit Brokers. Consumer Credit Licence Number: 349999.
Shire Processing Centre Limited is registered under the provisions of the Data Protection Act by the Information Commissioners Office: Registration No: Z6795249. Registered in England & Wales. Company number: 2732202. Telephone calls may be recorded for training, monitoring and security purposes. All applicants must be aged 18-years or over.