Sponsored by
Bowles calls for more mortgage info for first timers
SOUTH East Euro MP says information for first-time buyers must be put in their hands
Sharon Bowles MEP, who represents South East England in the European Parliament, has tabled an amendment to the current EU directive on mortgages calling for clear, concise information to be provided to first-time buyers.
In the UK guidance is available from different sources, such as the Council of Mortgage Lenders, the Financial Services Authority, and consumer group Which?, but this information often gets overlooked as people don’t always now where to find it and consumers are left struggling to understand all the different options.
Ms Bowles, who chairs the European Parliament’s Economic and Monetary Affairs Committee, said: “Speaking to my constituents, I know how confusing it can be when you are buying a house for the first time. It can feel as though you have to make several life-changing decisions without fully understanding what the consequences will be.
“I believe that all mortgage lenders and intermediaries should be obliged to put a standard brochure for first-time buyers in their hands, which would give basic definitions of all the key elements of mortgage lending, as well as pointing to where to go for more help.
“I have discussed with Which? in the past the vast difference between information ‘being made available’ - which can be just a footnote or a booklet in a rack - and ensuring consumers actually have it given to them.
“We need to focus on financial education for consumers so that they can make well-informed decisions on which mortgage is best suited to their needs.”
Email to a friend
Print this page
Looking for...
Featured advertisers
Jobs
Search for a job
Motors
Search for a car
Property
Search for a house
Weather for Haywards Heath
Sunday 27 May 2012
Today
Sunny
Temperature: 10 C to 26 C
Wind Speed: 12 mph
Wind direction: East
Tomorrow
Light showers
Temperature: 13 C to 25 C
Wind Speed: 9 mph
Wind direction: North west
Your view
Please sign in to be able to comment on this story.