Council of Mortgage Lenders to expand data collection to buy to let

The Council of Mortgage Lenders (CML) has announced that from 2017 it will begin to collect buy to let data, to match its comprehensive data collection on the residential market.

The details of this expansion were outlined in its 2016 member review document, where the council explained that it wants to broaden its market data but without implementing tough new reporting requirements.

“With the Bank of England set to introduce new requirements for firms reporting data on buy to let lending, we plan to develop a parallel system allowing us to capture the same information.

“Our statistical coverage of buy to let will therefore expand to match the comprehensive data on residential lending that we already compile from the regulated mortgage survey,” the report stated.

The CML’s member review document also stated that the merger of banking bodies, including the BBA, the CML, Payments UK and UK Cards Association, is due to take place next year.

“We will seek to ensure that the transition to the new body progresses as smoothly and as seamlessly as possible,”

said the CML.

 

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