Mortgage Credit Directive comes into force this month
The EU-wide initiative brings a new framework of conduct for mortgage firms and is closely aligned with the UK's current mortgage regulation. The new rules come into force on 21 March and apply equally to first and second charge mortgages.
According to the Law Society the main change that will affect conveyancers is the proposal to give prospective borrowers a "reflection period" after receiving a mortgage offer. For further details, click here
to read our briefing note.
If you have any questions, don't hesitate to contact Paul Saunders