Mortgage report hopes to offer clarity and understanding

A progress report has been published that aims to help borrowers fully understand the fees and charges associated with mortgages.

Produced as a collaboration between the Council of Mortgage Lenders (CML) and Which?, the consumer organisation, the report should also mean that borrowers are also able to get a full and clear comparison of their total borrowing.

It is hoped that the majority of those in the mortgage industry will, by the close of 2015, have brought about the necessary amendments. Another progress report is to be published in July, outlining the agreed proposals and timescales for implementation.

Key points of the report highlight the need for lenders to offer information about their fees and tariffs, and use of more consistent terms and phrases to prevent confusion for borrowers comparing lenders.

Richard Lloyd, who is executive director of Which?, said:

“Which? has been working with the CML to simplify the wide range of complicated fees and charges in the market so people don’t pay over the odds on their loan.

“We look forward to all mortgage providers making these changes so that people can get the best deals more easily.”

Having completed your CeMAP training and passed the end exam, you will be able to interview customers and establish their needs before advising on the most suitable mortgage solutions. As a mortgage professional, you will follow all regulatory requirements laid out by the Financial Conduct Authority and your employer, as well as taking on board any future changes that may come into force.



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