Homeowners could face soaring mortgage costs because of an obscure EU directive being pushed through the European Parliament. ritish lenders will be forced to start repossession proceedings when borrowers fall behind on their payments after three months rather than six as at present. housands more people will have to hand over the keys to their properties if the change takes effect, the Financial Times reported. With the risk of default much higher, it could cost banks 15 to 20 per cent more to lend.

This is likely to be passed onto homeowners - or lenders will make less mortgages available. t is being brought in by the EU to make banks safer and reduce the risk of another financial crisis....Read more HERE