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Fleet Mortgages comments on the new CML Buy-to-let Statement of Practice PDF Print E-mail
Tuesday, 07 April 2015

Fleet Mortgages, the new buy-to-let and specialist lender, has today adopted the new Council of Mortgage Lenders’ (CML) Buy-to-let: statement of practice on buy-to-let mortgage lending.

The statement of practice is designed to provide clarity about how responsible buy-to-let lenders operate.

Bob Young, Chief Executive Officer of Fleet Mortgages, commented:

“This is an extremely positive development for the buy-to-let sector and one that Fleet Mortgages is very supportive of, not least because it gives a level of transparency and clarity to all regarding how lenders should operate and the responsibilities of all stakeholders. We have been particularly vocal on the need for the entire lending community to maintain responsible lending practices, especially as the buy-to-let sector grows and new entrants come to market. By developing and maintaining this statement of practice it should help benchmark all buy-to-let lending activity in this marketplace, provide a level-playing field and  hopefully raise standards right across the board.

“The CML should certainly be applauded for its work in this area as it sets a line in the sand for how existing – and new – buy-to-let lenders operate. If all stakeholders within a buy-to-let transaction are clear from the very start about what is expected of them, and they have all the information they need, then this should hopefully increase overall confidence in the market and develop a greater degree of best practice. Fleet Mortgages is committed to being clear and transparent about our lending practices and we believe this initiative will help all parties as we work and develop this fast-growing sector.”

(Source - Fleet Mortgages Press Release)  

 

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