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Leeds English Democrats Chairman Chris Beverley exposes the drafting of a worrying new European Union directive targeting homeowners which could potentially push up mortgage rates. It has been revealed that EU regulations currently being worked on in Brussels threaten to push up mortgage rates in the UK and cause large numbers of homeowners to default on their mortgage payments. As part of the bank capital directive - a large reform package which is expected to come into force as early as 2013 - banks are expected to declare all EU loans to be in default when they are 90 days in arrears. Though such rules are commonplace in many other EU member states, this would have a significant impact in the UK, where mortgagors are given up to 180 days grace. The imposition of these regulations will make the danger of default more likely for large numbers of English homeowners and this will have a significant knock-on effect, ensuring a smaller number of successful mortgage applications and higher rates for those who manage to get them. The tighter timescale involved will also mean that banks will have less time in which they can work with customers to try and avoid default, a procedure known as forbearance. The Bank of England's latest Financial Stability Report has revealed that on top of the 1.2 percent of mortgagers who are in appears, a further 0.5 percent are in forbearance, meaning that the proposed regulations will increase the rate of mortgagors in arrears by nearly half as much again. We in the English Democrats firmly oppose the imposition of financial regulations from unrepresentative bureaucrats in Brussels which will hurt English homeowners during a depression which was largely caused by the irresponsible actions of the very banks whom this directive is geared towards supporting. It is only by freeing ourselves from the unacceptable constraints imposed by our membership of the European Union that we will be in a position to firmly reject such harmful legislation. The English Democrats will continue to campaign on this issue and argue that for this reason, and so many others, our people would be well and truly better off out of the EU! Read more articles by Chris at www.chrisbeverley.com
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EU Threatens English Homeowners
Written by Administrator
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You can E Mail them so you don't even have to buy a stamp. That is until the EU find a way of taxing E Mails!
Sound daft? I bet some Eurocrat isworking on it!