The European Commission is considering plans, which will make it possible for homebuyers to search across Europe for the best mortgage deal, in the form of a Euromortgage.

Charlie McCreevy, EU Single Market Commissioner, said: "A home is the biggest purchase most people make in their lifetime and the mortgage credit markets are a very significant part of the EU economy." He added: "More cross-border activity and competition in the EU mortgage market could increase choice, reduce costs and leave more money in peoples pockets."