The Council of Mortgage Lenders has welcomed the proposals made in two working group reports from the European Commission that seek to improve mortgage regulatory practices on the continent.
For those mortgage holders looking to take out international mortgages, the Council of Mortgage Lenders has outlined the content of the main alterations.
Among the changed proposed, the working groups have apparently suggested that integration is upgraded between European countries to improve access to national land registries and credit databases.
Moreover, the groups have raised the possibility of creating a passport network for mortgage lenders in European countries to easily organise deals in other parts of the continent without the need for additional documentation.
It is suggested that both changes could potentially reduce costly bureaucratic measures for mortgage lenders, with temporal and monetary savings ultimately passed on to homebuyers taking out international mortgages.
"The funding report outlines a very welcome practical set of measures," commented Michael Coogan, director general of the Council of Mortgage Lenders.
"It is right to see liberalisation, rather than further regulation, as the way to achieve more choice and better pricing in European mortgage markets."
On January 1st 2007, both Romania and Bulgaria officially joined the European Union, in a move that could encourage more UK mortgage holders to invest in property in the countries.
Proposed rule changes for international mortgages welcomed
Fri, 19 Jan 2007
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