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62% of readers want UK to stay in EU

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The UK mortgage market will be stronger if the UK stays in the EU, according to a majority of Mortgage Strategy readers.

Around 63 per cent of readers want the UK to remain in Europe, while the remaining 37 per cent back Brexit.

A vote on whether the UK stays in the EU will be held on 23 June, Prime Minister David Cameron announced last weekend.

Your Mortgage Decisions co-owner Dominick Lipnicki says: “I absolutely believe we are better in Europe. Our economy is very much dependent on being in Europe. The mortgage market is not a separate entity, it is linked to the economy.

“So if we have a major bump along the road it will affect mortgages. If banks are struggling it will affect lending. It’s a risk I’m surprised anybody is willing to take.”

Mortgages for Business managing director David Whittaker is also in favour of the UK staying, and adds: “There are consequences of leaving, but I don’t see any of it impacting the mortgage market.”

Earlier this week the Council of Mortgage Lenders and Building Societies Association both said existing UK mortgage regulation would be unaffected by a Brexit unless the UK made a conscious decision to change it.

However, what it would mean is that the UK would be able to form its own regulation in the future.

BSA head of policy Paul Broadhead says: “If the UK population votes in favour of Brexit it is highly unlikely that we will see much, if any change in the regulatory environment in the short term.  Much of what started in the EU (including MCD) is now enshrined in UK law and regulation.”

A CML spokesman says: “Lenders comply with UK legislation and regulation, and UK regulators currently embed EU requirements into their frameworks. It would be a matter for them to decide whether or not to propose changes to UK regulation, but there would be no instant regulatory effect.”

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