3 August 2006
There is not a culture of irresponsible lending in the UK, according to a leading mortgage lending body.
Christopher Dean, spokesperson for the Council of Mortgage Lenders (CML), said that consumers had to take responsibility of their finances and work out how much they could afford to borrow.
"I don't think there is a culture of irresponsible lending, it's not in the lenders interest to lend too much," he said, adding that the predominant culture from consumers was one of "I want it now".
"We have put this to research in the past; where people want something and just buy it and think about the financial consequences later. That is something which we discourage," he explained.
He made his comments on the day that the Bank of England announces its latest decision on interest rate levels, currently at 4.5%.
"We want people to take a step back and really think about what they can and can't afford," he said.
"We have done a lot of work with the FSA to encourage them to think about their finances."
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