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Netherlands: Homeowner watchdog claims lack of competition distorts mortgage rates

By  |  February 11, 2013
Netherlands: Homeowner watchdog claims lack of competition distorts mortgage rates

As the banking sector comes under growing scrutiny around the world, reports from Netherlands show a new side-effect of a lack of banking competition: increased mortgage rates. Homeowners’ lobbyists VEH has released a statement which claims that mortgage interest rates are 1.3 percent higher than they should be due to a lack of competition and is calling for MPs to cap profits the banks can make on mortgages. According to reports, 125,000 people have signed VEH’s petition. Also among the group’s claims is that of the four major banks in the nation, three are state-supported and therefore have distorted mortgage rate calculations.

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