The Council of Mortgage Lenders supported the feedback by the Financial Services Authority (FSA), asking for clearer mortgage key facts documents.
These mortgage documents became compulsory last year October 31st when statutory mortgage regulation took effect.
The Council of Mortgage Lenders said it was pleased that the FSA plans to work constructively with the industry to improve mortgage documents .
The body also expressed satisfaction that the FSA found good examples of high quality key facts illustrations in its review.
Council of Mortgage Lenders director general Michael Coogan said improvements are needed where mortgage documents fail to meet the rules set by the FSA.
He also said the mortgage lenders' association welcomed the intention of the FSA to promote a "less is more" strategy to disclosure.
He said it is hardly surprising that some mortgage lenders may have included more information than what the rules require, "in order to avoid future accusations of failing to inform customers about important information".
He continued, saying the FSA needs to be aware that changing the format and content of key facts documents may be an expensive and complex exercise for mortgage lenders.
The Council of Mortgage Lenders' members are banks, building societies and other lenders who together undertake around 98 per cent of all residential mortgage lending in the UK.
There are 11.5 million mortgages in the UK, with loans worth around £876 billion.
Mortgage lenders respond to FSA report
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Mortgage lenders respond to FSA report
Thu, 19 May 2005
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