Insurance News Archive
Govt maps out future of Hips
The Council of Mortgage Lenders (CML) has this week welcomed the government's timeline for the implementation of Home Information Packs (Hips).
The CML claims that this is an essential step by the Office of the Deputy Prime Minister (ODPM) to enable the industry to work to a set schedule and monitor progress.
It is still thought that there may be a way to go yet before Hips are fully implemented, with the majority of questions focussing on the home condition report (HCR) that will be contained within it.
The CML has praised the government for indicating that it will give lenders free access to the database of HCRs.
However, it claims that HCRs cannot and should not be used as a replacement for lender valuations because they do not contain an assessment of value.
Peter Williams, CML deputy director general, commented: "We are pleased that we now have a timetable setting out the key timings on the road to bringing in Hips."
"This will help to ensure that there is a clear shared understanding between the ODPM and its industry partners in what needs to happen by when to enable Hips to go live on June 1st 2007," he concluded.
© Adfero Ltd
17 Mar 2006