To enter people have to answer the question "If lenders want to help my generation, they should..."
Entrants can submit up to three proposals by 4 September 2014, while those who make the best submissions will get the chance to present them to an audience of senior mortgage industry professionals at the CML’s annual conference in November.
The CML said the primary challenge will be to help younger borrowers.
Last year’s winner was Michael Rhodes, mortgage lending service desk team leader at Leeds Building Society, who proposed an incentivised long-term savings plan to overcome the problem of raising a deposit for first-time buyers called 'Mortgage Builder'.
