The European Parliament will be looking closely in the near future at providing more help for people buying properties abroad.
MEP and European Parliament vice-president Diana Wallis yesterday told mortgage journalists at the unveiling of BM Solutions first European buy-to-let study that the current parliament is keen on making sure that databases across Europe, particularly in regards to property registration, are more aligned and linked.
Wallis said that in terms of mortgage regulation, the EP is now waiting for the white paper following the Parliament’s response to its earlier green paper on mortgages.
But Wallis pointed out that mortgages are quite a sensitive area due to it being intrinsically linked to the property law in every member state. She said that as a result, it is really more of a matter for national governments.
“So what we will be able to do in respect of facilitating mortgage market across Europe I suspect may be quite limited. But one of the things we will concentrate on is making sure that when people do enter into mortgage obligations cross border, cross Europe, that they have as much information as possible at their disposable. This one of the areas this parliament has been very keen on. Also that the databases across Europe – particularly in regards to property registration – ultimately should be more aligned and linked.”
She said it is definitely an area that it the EP is beginning to look very closely at in the near future.
At the presentation, Wallis said that research such as BM Solutions is of incredible use to MEPs as legislators.
“We have to appreciate that in terms of where the European Union is now, we have facilitated through Europe’s internal market a Europe that is on the move. That means in terms of where they work, in terms of where they want to retire.”
She pointed out how you only need to turn on the TV to see programmes about people buying property in other member countries.
Wallis said as this is such a big phenomena now, the EP needs to make sure that everything is in place to facilitate that and if it creates problems, to make sure that there is legislation in place to deal with it.
“So it’s interesting times. Times when we need as legislators to have information. A report like this is worth its weight in gold.”