Mark Borland

Trade association UK Finance says it will not now proceed with plans to charge for access to its Mortgage Lenders’ Handbook at the annual price of £50 plus VAT per person.

The Law Society of Northern Ireland had joined its counterparts in England and Wales and in Scotland in voicing opposition to the plans.

The solicitors’ bodies warned the new charge would have adversely impacted on operating costs for firms and ultimately consumers.

UK Finance is proposing to make the handbook accessible only through a new online platform which will be launched in March.

The Law Society of Northern Ireland said it had received a “belated offer to test” the new platform, but would not be able to do so within that timescale.

It said it will continue to work to secure revisions to the content of the handbook for its members to ease the administrative burden on solicitors in complying with lender requirements and in securing comfort about how data obtained from the platform will be used.

Mark Borland, president of the Law Society of Northern Ireland, said: “I welcome the decision by UK Finance to reconsider its position which would have effectively meant a solicitor would have to pay to obtain their client’s instructions.

“I am pleased that the Society worked with the law societies of England and Wales and Scotland on this issue.

“Solicitors face ever increasing regulatory and administrative burdens and any changes should be properly considered and consulted on to reduce such burdens where possible.”