Consumers should be better protected from loan charges when they take out a mortgage, following new rules approved by the European Union (EU) Parliament's Economic and Monetary Affairs Committee.The regulations will ensure the applicant is properly informed about the product, that they are offered housing loans that are tailored to their requirements and that a proper assessment of their creditworthiness is performed.Furthermore, borrowers who default on their repayments will have better protections against their assets and property being seized.It is hoped these new rules will stop consumers from being misled by irresponsible loan claims and their own misjudgements, as well as ensuring the only people who receive mortgages are those who can afford the bank charges.People who apply for housing finance will also be given a reflection and cooling-off period of 14 days."We're pleased to see that many of the long standing issues we have been lobbying on have reached a positive outcome for the UK in the EU Parliament today," the Council of Mortgage Lenders stated.John Fieldman Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.
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