EU mortgage rule vote delayed

A vote by the Economic and monetary affairs committee on proposed amendments to the mortgage credit directive has been delayed to allow more time to find agreements over possible changes.

The directive seeks to impose harmonised standards to the mortgage markets across the European Union. The vote is now expected to take place on April 24, but that date is subject to change.

The committee was originally due to vote on 819 proposed changes to the European Commission’s original proposal for the directive in December but that was put back to the end of this month and has now been delayed again.

He says: “”The rapporteur, Spanish MEP Anrolin Sanchez Presedo, and his shadows will take their time. It is possible the date will move backwards or forwards and it is likely it will change. They need time to discuss the changes.”

Committee member and Conservative MEP for the east of England Vicky Ford, who is leading the Tories work on the directive said: “The one size fits all approach has caused some problems in the parliament because of how varied the mortgage market is across the 27 member states. Presedo is taking his time to find the right language.”

Once the amendments are voted on, the amended bill will make up part of the parliament’s position for negotiations with the European Council and the European Commission over how the final directive will look.