The Council of Mortgage Lenders has criticised the European Commission green paper, Mortgage Credit in the EU published earlier this week saying it places too much emphasis on cross-border selling and not enough on promoting the integration of capital funding markets.
In its response to the green paper the CML says it is “disappointed“ the Commission provides no information on its view of an integrated mortgage market, adding it believes encouraging lenders to operate in other European markets will be more successful than focusing on consumer measures. “From a UK perspective, the heavy focus on issues such as the standardisation and regulation of mortgage information and advice could actually cause huge disruption and higher costs for UK consumers and lenders alike. “In any case, the CML believes that seeing an integrated market as one where consum...
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