Ford: Delay shows we are winning the mortgage battle
Posted, April 20, 2012 @ 12:00
A vote on EU proposals for new legislation on mortgages is now likely to be delayed following the intervention of Conservative MEP Vicky Ford.
Concerns have been raised in the UK that the legislation could effectively shut key parts of the UK mortgage market - such as buy to let mortgages and mortgages for first-time buyers which are supported by savings accounts or guarantees.
Mrs Ford, MEP for the East of England, submitted over 130 amendments to the European Commission's original proposals, including 50 requests to delete unnecessary provisions. Now she has learnt a key vote is likely to be delayed by up to three weeks - allowing more time to work on getting harmful clauses stripped from the legislation.
Mrs Ford said: "Getting a loan to buy a home is hard enough at the moment. I will not support EU legislation which would shut down parts of the UK mortgage market or add to costs for home buyers.
"However many of my UK constituents have found themselves in very difficult positions with mortgage lenders especially when they have bought properties in other parts of Europe. This has sometimes been because of irresponsible lending and sometimes because extra costs were hidden in the small print of the loan.
"Working with other MEPs from across Europe I am making good progress to finding solutions which will keep our mortgage markets open - keeping costs under control while ensuring borrowers have clear information and consumer protections.
"The negotiations appear to be moving in the right direction and I am pleased we have been able to secure a delay in the vote. It shows we are winning the battle to protect buy to let and the health of the mortgage market as a whole."