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Brits could soon find a mortgage anywhere in EU

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The European Commission is considering new plans to enable Britons to shop around Europe in order to find a mortgage to best suit their needs.

Mortgage lenders find it difficult to supply mortgages to lenders in other countries because of legal and practical constraints. Only one in a hundred European mortgage holders lent from a mortgage lender in another country.

However, those looking to find a mortgage might benefit from more cross-border mortgage lending around Europe. And experts believe a win-win situation could be created as mortgage lenders also stand to gain.

Charlie McCreevy of the European Union's Single Market Commission commented on the green paper with proposals for a euromortgage: More cross border activity and competition in the EU mortgage market could increase people's choice, reduce costs and leave more money in people's pockets.

The traditional language and currency barriers could be overcome with the proposed euromortgage according to the green paper.

However, the BBC reports that not all mortgage analysts are positive about the euromortgage.

Mortgage lender John Charcol's adviser Ray Boulger said Britons already benefit from some of the lowest mortgage rates in Europe in spite of their higher base lending rates.

The UK mortgage market is far and away the most competitive in Europe, Mr Boulger said.

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