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Loan claim: EU mortgage rules introduced to protect consumers

The EU has announced a new mortgage directive aimed at giving consumers greater protection.

A standard affordability assessment will be introduced to determine whether a loan applicant is capable of making repayments. Anyone that fails the assessment will be refused a mortgage.

The reform is hoped to protect against reckless home lending, which occurred in the past and contributed to the fallout from the financial crisis.

EU commissioner Michel Barnier said in a statement: "Consumers will finally get the protection they deserve. They will be better informed so they can choose the mortgage product which best meets their needs, at the best price, and fully aware of the risks they are taking."

Under the directive, measures to protect against misleading advertising will be introduced, in addition to a ban on tied mortgages, unless they can be proven to benefit consumers.
A guaranteed period of time before a person becomes bound by a mortgage agreement will also be legislated for.

Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers.ADNFCR-2776-ID-801575795-ADNFCR



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