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Key European mortgage directive vote delayed

EU European Commission flags 440

A key vote that could determine the final shape of the proposed European mortgage credit directive has been delayed until December.

The plenary sitting at which MEPs were due to vote on the shape of the directive is now scheduled for 10 December. It was due to take place on 10 September.

The revised timetable means that the vote on the proposed European directive may now take place after the FSA has published the policy statement and final rules for the mortgage market review. The FSA’s policy statement is expected in the autumn.

A statement from the Council of Mortgage Lenders says: “The delay means that it is still not clear that the timing of proposals for mortgage regulation in the UK and Europe will be closely aligned. On behalf of lenders, we are continuing to work with the FSA in the UK and the authorities in Europe for a regulatory structure that meets the needs of the domestic mortgage market and results in a coherent set of proposals.”

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