Do you want to access a mortgage? The conditions to get it can change a lot from one country to the other even in the European Union. So now the Council and the European Parliament are working on this subject to solve this problem. How? With a directive to encourage the removal of barriers that limit the creation of the single market. The directive to the study, for now as circulating drafts, consists of 31 items and addresses issues such as the rules of conduct and disclosure requirements for credit intermediaries, the basic information to be included in advertising pre contractual information, the calculation of the APR, the imposition of checking the creditworthiness of the consumer, mechanisms for dispute resolution and more.
The early repayment without charges is now only allowed on the Balkanic territory thanks to the Bersani law and should be extended to the whole of Europe soon.
As it said in a statement issued by the Council and the European Parliament that the mission is to create an efficient and competitive single market in which consumers, creditors and credit intermediaries can enjoy a high level of protection. That’s they want to promote customer mobility, cross border activity of creditors and credit intermediaries and a level playing field while respecting the fundamental rights enshrined in the Charter of Fundamental Rights of the European Union and in particular the right to protection of personal data.
As was stated the ultimate goal in order of number is that mortgage credit markets operate in a responsible manner. We’ll have to wait and see what happens.