03/01/2005 (Agence Europe) - Commenting on the publication by the European Commission of the Forum Group report on mortgage credit (see Europe of 14 December, p.15), British ALDE MEP Chris Huhne said in a press release: 'An integrated and competitive mortgage market would benefit borrowers, by increasing choice and competition. The British industry is highly innovative and competitive by European standards and should be a big beneficiary from opening up the market with so-called euro-mortgages.' A recent study 'that looked at costs showed that they ranged from 5 per cent of the value of the loan in Britain or 6 per cent in Germany - at the bottom end - to 19 per cent in Italy.' Apart from a code of conduct, there is no binding legislation covering mortgage lending in Europe. The Forum Group report makes 48 recommendations for greater integration of the EU mortgage market. Only 1% of EU citizens, mostly buyers of second homes or living in cross-border areas, have taken out a mortgage with a lender from another Member State. The experts point out that consumer confidence is a sine qua non for integrating the market.