UK mortgage customers could soon have access to cheaper deals if the EU gets its way.
European ministers are set to endorse proposals for a single mortgage market for the whole of the union, Reuters reports.
According to a report by Charlie McCreevy, the move would help push down the cost of mortgages as it would lead to greater competition in the market.
However, it added that people would most likely still obtain their mortgages from local providers, rather than lenders based in another country.
The focus should be on making it easier for mortgage lenders to offer products to anyone in the EU, rather than on encouraging customers to go abroad to find a deal, the report concluded.
But the move will not be welcomed in all quarters, with the Council of Mortgage Lenders claiming that changes in financial markets now mean that the report is outdated.
Andrew Heywood, deputy head of policy for the body, called for the proposals to be shelved.
Ministers to back single EU mortgage market
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