Attendees included Paul Smee from the CML, banks and building societies, Pensions Minister Ros Altmann, Housing Minister Brandon Lewis, and Bank of England and FCA representatives.
The CML and Which? discussed a series of reforms to promote mortgage transparency that they are working on with the government, which are expected to be announced this Summer.
Harriett Baldwin thanked the industry for their support over the last Parliament in securing the economic recovery. Since 2010, 2.8 million mortgages have been advanced, worth a total of £444.5 billion, and nearly 100,000 people have moved onto or up the housing ladder.
Harriett Baldwin, Economic Secretary to the Treasury, said: "It was great to meet with the mortgage industry today to discuss how we can work together to ensure that the mortgage market works for every stage of someone’s life.
The government’s Help to Buy: ISA – due to launch later in the year – will get young people on to the housing ladder, while our work on supporting lending to older people will make sure the mortgage market delivers for those who have worked hard all their life. Last year the government asked Which? and the Council of Mortgage Lenders to work together on practical steps that could to be taken to improve the transparency of mortgage fees."
Paul Smee, Director General of the CML, added: "We take the industry’s responsibilities to borrowers very seriously; we hope the improvements we are making to the transparency of fees and charges will help make it easier for people to understand mortgage costs more easily, and will support the many benefits that a wide choice of mortgages brings to consumers."
Baroness Altmann, Minister for Pensions, commented: "We will continue to work with mortgage lenders to ensure their products and practices reflect changing societal realities, such as the increased prevalence of later life working and secure private pension income through retirement. We want to ensure that people have fair access to mortgage finance when they need it."
