European Commission 'should shelve mortgage proposals'

28-Apr-2008

The Council of Mortgage Lenders (CML) has called on the European Commission to shelve mortgage proposals, given the extent the market has changed, which could be good news for first-time buyers.

The group feels that conditions in the property market have changed so much since the White Paper was drawn up that it would be futile to proceed.

Instead, the CML is urging the Commission to refocus its efforts on work which will support financial stability.

According to the group, new mortgage market proposals should only be developed after a thorough analysis of the economic changes that are emerging.

Commenting on the issue, Andrew Heywood, CML Deputy Head of Policy, said: "Many European mortgage markets have changed so dramatically in recent months that the only sensible step at this stage is to drop the proposals and start again from a basis of analysing likely future market conditions."

He added that proposals to "further the integration of markets are unlikely to produce net benefits in the present climate".

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