Nottingham Letting Agent Property Blog

At the moment homeowners need to be six months behind their mortgage payments before repossession proceedings can begin, but a new EU directive which is currently going through European Parliament could change all this. If it is brought into law, lenders in Britain would be forced to begin repossession proceedings once borrowers fall just three months behind their mortgage payments. This would increase the risk of default, which in turn would increase banks’ lending costs. These extra costs will of course be passed on to homeowners, and there is the worry that it could affect mortgage availability.The EU is keen to...

Apparently the Council of Mortgage Lenders has seen new amendments to the EU’s mortgage directive which could exempt buy to let mortgages. The European Parliament’s Internal Markets and Consumer Protection committee recently published its report on the proposals, and agrees with the CML that the regulations should not be uniform right across different consumer groups and products.The IMCO report also suggests that some of the current obligations by lenders could be relaxed. These include not having to let mortgage applicants know why they have been rejected, as well as the requirement that advice should be given covering a wide range of...