Navigation path

Additional tools

Mortgage credit

Directive

The Mortgage Credit Directive 2014/17/EU on credit agreements for consumers relating to residential immovable property was adopted on 4 February 2014. This Directive aims to create a Union-wide mortgage credit market with a high level of consumer protection. It applies to both secured credit and home loans. Member States will have to transpose its provisions into their national law by March 2016.

The main provisions include consumer information requirements, principle based rules and standards for the performance of services (e.g. conduct of business obligations, competence and knowledge requirements for staff), a consumer creditworthiness assessment obligation, provisions on early repayment, provisions on foreign currency loans, provisions on tying practices, some high-level principles (e.g. those covering financial education, property valuation and arrears and foreclosures) and a passport for credit intermediaries who meet the admission requirements in their home Member State.

04.02.2014 – Adoption of the Mortgage Credit Directive
10.12.2013 – The European Parliament adopts the Mortgage Credit Directive

The European Parliament confirmed its willingness to make the mortgage credit sector subject to heightened consumer protection measures at EU level by approving the new rules on mortgage credit lending.

31.03.2011 – Commission adoption of a proposal for a Directive on credit agreements relating to residential property

COM(2011)142 + Corrigendum of 20.5.2011 of the Bulgarian, Danish, German, Lithuanian and Dutch versions

Useful documents:

Code of conduct

Information about the Code of conduct on pre-contractual information for home loans, including a list of the mortgage lending institutions who have agreed to comply with it.

Studies

Study on the costs and benefits of different policy options for mortgage credit

31.3.2011Final report of the studypdf Choose translations of the previous link 
  • Annex Apdf Choose translations of the previous link : Household surveys and consumer focus groups
  • Annex Bpdf Choose translations of the previous link : Legal summaries
  • Annex Cpdf Choose translations of the previous link : Description of ESIS model
  • Annex Dpdf Choose translations of the previous link : Description of early repayment and responsible lending and borrowing model   
31.1.2009Contract award notice, 2009/S 21-029009
19.7.2008Call for tender, 2008/S 139-185318
12.7.2008Contract award notice, 2008/S 134-178130
26.3.2008Call for tender, 2008/S 59-079217

Study on equity release schemes in the EU

18.3.2009Final report of the study

Study on the role and regulation of non-credit institutions in EU mortgage market

The European Commission has published a study on the activities, regulation and supervision of mortgage lenders that are not defined as 'credit institutions' under EU law. The study, which is a follow-up to the White Paper on the Integration of EU Mortgage Credit Markets, will contribute to the Commission's assessment of whether further action in this area is needed at EU level.

30.3.2009Feedbackpdf Choose translations of the previous link  on the comments received
Comments authorised for publication:
2.12.2008Final reportpdf Choose translations of the previous link  of the study 
Annexpdf Choose translations of the previous link 
Press release, IP/08/1855

Study on consumer testing of possible new format and content for the European Standardised Information Sheet (ESIS) on home loans

October 2009Final reportpdf Choose translations of the previous link  of the study
13.5.2009Stakeholder Workshop
27.12.2008Contract award notice, 2008/S 251-335008
7.6.2008Call for tender, 2008/S 110-146927

Study on the costs and benefits of integration of EU mortgage markets

13.9.2005Press release, IP/05/1134
5.8.2005Studypdf Choose translations of the previous link  on the costs and benefits of integration of EU mortgage markets   
Midday Express, MEX/05/0805

Government Expert Group on Mortgage Credit (GEGMC): Meetings

The Government Expert Group on Mortgage Credit was established in early 2005 to advise the Commission on its policy on mortgage credit. It is composed of Member State representatives from all EU Member States, plus some EFTA countries. Representatives come from a range of bodies, including Ministries of Finance, Ministries of Justice, financial regulators, etc. Its main tasks are to assist the Commission in the definition and development of its mortgage credit policy.

16.07.2014
15.04.2014
Before 2014

Archives

On the Archives page more information on:

  • Consultation & hearing on responsible lending and borrowing
  • White Paper on the Integration of EU mortgage credit markets
  • Green Paper on Mortgage credit in the EU
  • Government Expert Group on Mortgage Credit (GEGMC)
  • Mortgage Funding Expert Group (MFEG)
  • Mortgage Industry and Consumer Dialogue (MICEG)
  • Public hearing on mortgage credit
  • Forum Group on Mortgage Credit