Euromortgages A Step Closer
Green paper launched by European Commission to consult on EU-wide mortgages
22nd July 2005
The European Commission is pressing on with plans to make it easier for homebuyers to shop around the EU for the best mortgage deal.
Currently, only around 1% of europeans take out a home loan from another member state, and these are mainly in border areas.
The EU Single Market Commissioner, Charlie McCreevy, says:
"More cross-border activity and competition in the EU mortgage market could increase choice, reduce costs and leave more money in people's pockets"
To this end, the Commission has released a 'green paper' on the subject, setting out its proposals, and the mortgage industry has until December to make its comments.
Currently, the erozone benefits from a much lower interest rate of 2% compared to the UK's 4.75%, making a switch to a euromortgage potentially very attractive to UK borrowers.
Read More: BBC Report
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