Lenders commit to credit crunch measures

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Mortgage lenders across the UK have committed to a range of measures designed to prevent borrowers from being affected by the credit crunch.

The Council of Mortgage Lenders (CML) has written a letter to the government outlining the moves that its members have agreed to make.

Proposals included in the measures include informing consumers early about when they are approaching the end of initial deals, as well as providing borrowers with information on what to expect when taking out a product.

Writing in the letter, Michael Coogan, the director-general of the CML, said the industry "cannot be complacent about prospects and the challenges facing borrowers, lenders and public policy makers".

He added: "We will continue to work closely with ministers, and look forward to a clear statement of the government's own position on the safety net for borrowers."

Recent research by the CML found that the credit crunch is having less of an effect on borrowers in Scotland than on those in other parts of the UK.

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