Buy-to-let mortgages will not fall within the scope of the directive if there is adequate self-regulation in place to govern the market.
Speaking at the CML MICE conference Paul Smee, CML director general, said: “The CML sees this as a gauntlet to be picked up and a prize worth pursuing.”
Smee said that he believed a framework could be drawn up and driven by the CML which would meet the requirements of the directive without imposing unnecessary burdens on lenders.
He added: “We also believe that the authorities would welcome our taking the lead in producing this framework. So that is what we will do over the coming year.”
