British homeowners face higher mortgage costs because Cameron government again surrendered to the European Commission

Published Apr 22, 2015

StevenWoolfe.jpegSteven Woolfe, UKIP MEP for the North West and spokesman on finance, said that British homeowners are today learning that they may be forced to pay thousands more for their mortgages "because the Cameron government has yet again capitulated to EU demands that more national control over regulation be handed to Brussels."

"In March next year EU regulators will tighten their grip on the UK mortgage market, forcing homeowners to take out more expensive loans. The Cameron government did not warn homeowners about this when they supported the Directive in Brussels. However, following press reports today, existing borrowers are now realising the EU will now force them to pass stricter affordability tests if they want to change lenders to take advantage of a cheaper mortgages rate."

"The EU is in effect dictating how and where UK homeowners can borrow."

"Last January the Cameron government voted in favour of this interference in the personal finances of British men and women during a meeting of the Economic and Monetary Affairs Committee in Brussels. Sajid Javid, Economic Secretary to the Treasury, cast the vote in favour of the EU Mortgage Directive despite admitting "that the case for such a prescriptive, EU-wide intervention was not sufficiently made by the Commission."

In trying to defend the Cameron policy, the minister pleaded with the Commission that there be "no adverse impacts" in the future.

Woolfe said: "Conservative MEPs later had an opportunity to oppose this directive, but they abstained during the vote in the European Parliament last December. UKIP MEPs of course voted against."

He added: "No doubt this is exactly the sort of Conservative capitulation the eurocrats look forward to meeting in any attempts by the UK at renegotiating our relationship with the EU. Never bother listening to what members of a Cameron government say about the EU. Just watch what they do. And what they do is roll over."

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