New mortgage rules to be properly enforced EU-wide
Measures to enforce EU rules that will ensure home buyers across the EU are fully informed of the real costs of taking on a mortgage, and properly protected against the worst risks, were approved by MEPs on Tuesday, in a vote on legislation already agreed with EU member states.
“For most families, a mortgage is the biggest and longest financial commitment they make. So we need these rules to drive progress towards an EU-wide mortgage market that is stable, integrated, and above all sustainable, with a high level of consumer protection, good information and balanced relations between lenders and borrowers”, said lead MEP Antolin Sanchez Presedo (S&D, ES).
MEPs endorsed the deal struck with EU member states because they are satisfied that the European Banking Authority will be able to investigate an alleged breach of the rules, or failure to implement them, and ask the competent authorities in the member states for any information enabling it to do so.
The legislation will cover mortgages on residential property, residential property including an office space and building land.
The measures were approved by 596 votes to 31, with 65 abstentions.
For further details, please see press release on the mortgage legislation (link to the right).