Plans to introduce a European single mortgage market have reached their final analysis stage, with a white paper on the proposal expected later this year. The European Commission have confirmed the proposal was in its final stages, following the Green Paper on mortgage credit last year. They have said that the new regulation will only be brought in if it is clear that it will simplify the market and will benefit consumers. The Treasury believe ˜that there is still a lot of work needed on any specific proposal".
Our view
Creating a single market is great news for the UK finance industry. We are the second largest owner-occupiers, behind Spain; and have the most advanced financial systems in the World. Need a mortgage - UK or overseas? Contact us.