McCreevy pours cold water on Euro mortgage market

NO further action will be taken to create a pan-European mortgage market unless it can be proven that the benefits to both lenders and borrowers exceeded the costs, Internal Market and Services Commissioner Charlie McCreevy pledged yesterday.

He launched consultation on what if any action the EU should take to encourage cross-border mortgages that account for about 1% of the €4 trillion market.

A study on the general costs and benefits of integrating the EU market for mortgages will be available next month on the commission’s website.