EC mulls mortgage rule change

It believes this would encourage more people to shop around before committing themselves to a particular lender and deal. Under the new legislation, borrowers would also be encouraged to consider mortgage providers from other countries. The EC is considering the move as part of a mortgage credit directive to be introduced next year, which aims to standardise European mortgage markets and encourage cross-border lending. However, the Council of Mortgage Lenders (CML) said such regulation would be pointless for the UK market because the majority of homeloans are arranged by intermedi...