Tuesday 8th January 2008
It has been claimed that the potential to integrate the European mortgage markets would be beneficial to consumers, but would be a difficult task to achieve.
Savills Private Finance argues that while greater cross-border integration would be beneficial, in practice it would be difficult to police and problems could emerge between different mortgage markets.
Miranda John, international manager for Savills Private Finance, explained: "The main issue is how on earth you would police [integration], and how on earth you would get consensus from all the different markets involved - and then if you're including their national banks you've got another layer [to get through]."
She concluded: "It's quite a challenge."
However, the benefits of the system would be clear to the UK market, Ms John suggested, because other European countries have better systems in place that can avoid problems that exist in the UK sector such as gazumping.
The European Commission last month published a White Paper proposing a package of measures designed to improved integration in EU cross-border mortgage markets.
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Mortgages
City analysts today warned the government that the British economy is set to witness a recession which could last up to 18 months. Capital Economics predicts that the gross domestic product for the... 
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