Directive  2014/17/EU of the European Parliament and of the Council of 4 February 2014 on credit agreements for consumers relating to residential immovable property and amending Directives  2008/48/EC and  2013/36/EU and Regulation  (EU) No 1093/2010

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.

Source: h​t​t​p​:​/​/​e​c​.​e​u​r​o​p​a​.​e​u​/​f​i​n​a​n​c​e​/​f​i​n​s​e​r​v​i​c​e​s​-​r​e​t​a​i​l​/​c​r​e​d​i​t​/​m​o​r​t​g​a​g​e​/​i​n​d​e​x​_​e​n​.​h​t​m

Benchmark Regulation ( Details)

Original Text Mortgage Credit Directive:
Directive  2014/17/EU of the European Parliament and of the Council of 4 February 2014 on credit agreements for consumers relating to residential immovable property and amending Directives  2008/48/EC and  2013/36/EU and Regulation  (EU) No 1093/2010

Commission Delegated Regulation  (EU) No 1125/2014 of 19 September 2014 supplementing Directive  2014/17/EU of the European Parliament and of the Council with regard to regulatory technical standards on the minimum monetary amount of the professional indemnity insurance or comparable guarantee to be held by credit intermediaries

 Gesetz zur Umsetzung der Wohnimmobilienkreditrichtlinie und zur Änderung handelsrechtlicher Vorschriften