The CML has worked with Which? for nearly two years on introducing standardised mortgage tariffs on a voluntary basis to make it easier for customers to compare the fees and charges from lenders.
The Council of Mortgage Lenders has been awarded ‘the Which? award for positive change’ for improving the presentation, accessibility and consistency of mortgage fees and charges.
The CML has worked with Which? for nearly two years on introducing standardised mortgage tariffs on a voluntary basis to make it easier for customers to compare the fees and charges from lenders.
Paul Smee, CML director general said: "We are honoured to receive this award. I believe that a core objective of a trade association should be to improve the market in which its members operate. This exercise met that criterion.
“The online market will benefit as a consequence. CML can regard that as a positive outcome for all concerned... Which? contributed a lot to the exercise. They primarily played the role of critical friend, keeping us focused on the ultimate objectives of the exercise.
"Our work is not over... we are looking at how tariffs interact with price comparison websites, and how we can better present the overall cost of a mortgage in a way that helps the consumer. This is a journey; it was never going to be completed in one fell swoop and within 12 months.
“But I do believe that the benefits of increased transparency are already being felt. And I think that our collaboration with Which? ensures that we continue on that journey."
