Tue. Nov 30th, 2021

The European Commission has today launched a public consultation on the Mortgage Credit Directive review. The Commission is seeking views on the functioning of and possible improvements to the existing framework. The review aims to assess whether current rules are adapted to new challenges, in particular digitalisation, the need to enhance sustainability, and the COVID-19 crisis. It also seeks to ensure that existing rules continue to guarantee a high level of consumer protection, further the aims of the single market, and contribute to financial stability.

Mairead McGuinness, EU Commissioner for Financial Services, Financial Stability, and Capital Markets Union, said:

Taking out a mortgage is a major decision in life and I want to make sure that consumers are sufficiently informed and protected when taking this step. Today’s public consultation will look at possible barriers to the cross-border provision of mortgages and whether our rules remain fit for purpose in light of new developments such as digitalisation and sustainable finance.”

Given the consumer protection angle of the public consultation, it will be made available in all EU official languages. The public consultation in English will run for 14 weeks. The other EU official languages will be available in 4 weeks’ time.

You can have your say here.