The customers will soon get a better deal from mortgage lenders if proposals in their draft code of conduct are accepted. Treasury Minister Angela Knight said that she welcomed the introduction of a code as it would produce a better deal for businesses and customers. It will ensure that all lenders fully inform borrowers of the options and borrowers can be sure they are making an informed choice. The code will improve the already high standard of the vast majority of lenders but, if problems arise, the proposals should have real teeth. These new guidelines will be the benchmark that the industry must reach and are there for customers to keep a weather eye on performance.
Standards are the cornerstone of trust between lenders and borrowers.
Replies to the consultation have to reach the Council of Mortgage Lenders by 17 May 1996. Material on other Treasury matters can also be found at this address.