EU proposed Directive on mortgage credit: One step forward, two steps back

I agree wholeheartedly with the CML in their press release about national mortgage markets being highly idiosyncratic. Indeed the FSA initial regulatory regime was based on disclosure to allow borrowers to understand what they were getting and then compare one lenders offering with that of another – just like the EU are now suggesting.

We know that in practice this doesn’t provide the whole solution. Seems to me that we are ahead in our thinking in the UK and this EU directive will serve to complicate and confuse……

We are moving backwards I fear!