MEPs struggle to agree as European mortgage directive delayed for fifth time

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

The powerful Economic and Monetary Affairs committee – ECON – was forced to cancel its vote yet again yesterday 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 25, May 8 and finally yesterday before it was yet again postponed.

The special rapporteur for ECON Antolin 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 every mortgage.

Last month British MEP Vicky Ford, shadow rapporteur at ECON, told Mortgage Strategy 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.

See last month’s interview with Annik Lambert, secretary-general of the European Mortgage Federation here.