MBE: AMI to lobby against EU-wide mortgage advice
European rules may mean brokers giving advice to UK borrowers buying in the UK have to give them the option of choosing mortgages in other currencies and from other countries.
Speaking at Manchester Mortgage Business Expo, AMI director Robert Sinclair said he would be talking to Europe about what “relevant markets” were after a delegate raised concerns that UK advisers would have to advise borrowers on mortgages from all 27 EU states after European mortgage regulation comes in.
The delegate also raised concerns that exchange rates could impact on how affordable a foreign currency mortgage would be over time given exchange rate fluctuations.
Sinclair said: “We need to talk to Europe about what relevant markets are. It would be perverse if a UK customer had to consider a mortgage from the other side of the EU in order to buy a house in the UK.”