CML welcomes changes to credit guarantee scheme

The Council of Mortgage Lenders welcomes the Treasury's announcement of changes to the credit guarantee scheme, that will make it cheaper for lenders to gain access to the Government guarantees that help them to gain access to wider market funding.

The CML also notes the Treasury's continuing work towards working up its proposal to seek State Aid approval from the European Commission for the Crosby report proposals, and hopes this can press ahead quickly.

CML director general Michael Coogan commented: "The Government now seems to be hearing the message that lenders cannot realistically deliver all that is expected of them under current conflicting expectations, and moving to address some of these. We welcome the Chancellor's acknowledgement that there is still more that the Government can do to help try to facilitate more conducive conditions for lending."