Key vote of European mortgage directive delayed again

A key voting stage for the European mortgage directive due to take place this week has been postponed yet again until May 8.

The powerful Economic and Monetary Affairs committee in the European parliament was set to vote either today or tomorrow.

However, further amendments posed in negotiations have caused it to be put back by a fortnight and pushed the total number of changes to the original draft towards a whopping 900.

The vote was initially set to take place before Christmas but was pushed back to February 28 and then April 25 as ECON members struggled to agree.

The other parliamentary grouping scrutinising the proposals, the Internal Market and Consumer Affairs committee, passed its draft proposal in December last year.

The directive proposals cover a wide range of issues including advice, buy-to-let and the future of the Key Facts Illustration.

The ECON rapporteur Spanish MEP Antolin Sanchez-Presedo has previously been accused of exceeding his remit and is struggling to find agreement.