European directive could see more international mortgage lending

Thu, 11 Aug 2011
International mortgage customers may be interested to learn that the Council of Mortgage Lenders (CML) has criticised the attempts to widen the scope of the proposed European directive on home loans.

Spanish MEP Antolin Sanchez Presedo has drafted a report that could have a big impact on borrowers across the continent.

The European Commission has stated its intent to introduce measures to reinforce responsible lending and borrowing in Europe, but the CML is worried that the initiative is being used as a vehicle to pursue wider objectives.

It highlighted that the Commission has been using the opportunity to promote its planned drive towards a more integrated European mortgage market.

This idea involves increased cross-border lending and borrowing, which could see a rise in the number of international mortgage deals.

"The Commission has remained keen to promote a pan-European market, even though the financial crisis has left both firms and consumers with a strong aversion to risk, a clear preference for familiar markets, products and institutions - and little appetite for cross-border mortgage activity," the CML warned.

Meanwhile, the organisation also recently noted that first-time buyer activity in the UK is at its highest level for ten months.
 
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