New EU proposals to give mortgage borrowers better protection
www.moneynews.co.uk > Mortgages > New EU proposals to give mortgage borrowers better protection
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Money News |
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New EU proposals to give mortgage borrowers better protection
Thu 31st Mar 2011
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Under the rules, UK borrowers would have to be provided with an information sheet on the home loan they take out, including the interest rate, repayment features, risk factors and withdrawal rights, all in straightforward terms.
They would also be given the automatic right to repay their mortgage early, rather than facing charges if they wish to do so.
It is hoped that the EU proposals would prevent future financial crises and allow would-be homeowners to better understand the deals they are offered.
Michel Barnier, EU representative, said the draft legislation would promote "a dynamic, competitive and more integrated single market for mortgage credit".
Earlier this month, Swinton welcomed measures in the Budget aimed at helping first-time buyers get a foot on the property ladder through offering interest-free loans for deposits.
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