The Power Hour


mBe 2011 Power Hour: the euro perspective


The mortgage market is awash with proposed regulation and last month saw the European Commission throw its hat into the ring. Our panel of experts discuss why UK regulation aside, the European perspective matters


THe aim of THe euroPean direcTive on crediT agreemenTs relaTing To residenTial ProPerTy is To creaTe a “single more efficienT and comPeTiTive markeT”. Will iT acHieve THis? Ray Boulger: Not in my lifetime, my children’s or my grandchildren’s and probably long before then the European Union will have disintegrated. What is the point in trying to harmonise the mortgage market without first harmonising the legal, land registry and credit referencing processes across Europe? I believe fewer than 10 EU countries have access to Experian for example and even then they all collate credit information differently, making it impossible for a lender in one country to use another’s credit referencing information for lending decisions. When you bear in mind the


union between England and Scotland happened more than 300 years ago and they still have separate legal systems, why anyone with half a brain cell thinks this directive will work I fail to understand.


38 mortgage introducer MAY 2011


Pictured: Robert Sinclair


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