Fifth delay for ECON’s vote on European directive

A key stage of the European mortgage directive has been delayed for a fifth time, with the vote now set to take place six months later than planned.

ECON – the Economic and Monetary Affairs committee – cancelled its vote last Monday after MEPs failed to reach an agreement.

The vote is now expected to take place in the week starting May 28 in Strasbourg when ECON next meets.

The vote was originally planned for December 2011 then February 28 this year, April 24, May 8 and May 14 before it was yet again postponed.

The rapporteur for ECON, Spanish MEP Anrolin Sanchez Presedo, is struggling to find a majority agreement on his controversial proposals.

The wide-ranging proposals could see the buy-to-let market regulated and a 14-day cooling off period introduced on mortgages.

Last month British MEP Vicky Ford, shadow rapporteur at ECON, told Mortgage Strategy the delays are down to the UK winning key battles.

The Internal Market and Consumer Protection committee is the other European Parliament body scrutinising proposals but voted through its draft proposal in December 2011.