Impact of Brexit: mortgage credit—quick guide
Impact of Brexit: mortgage credit—quick guide

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • Impact of Brexit: mortgage credit—quick guide
  • Overview of onshored and preserved EU-derived law post-IP completion day
  • Relevant retained EU law and UK legislation—the Mortgage Credit Directive
  • Key changes introduced by the Mortgage Credit (Amendment) (EU Exit) Regulations 2019
  • Territorial scope of regulated consumer buy-to-let lending
  • Consumer buy-to-let foreign currency mortgages
  • Amending the formula for the calculation of the annual percentage rate of charge for consumer buy-to-let mortgages
  • The creation of a Temporary Permissions Regime (TPR)
  • Financial services contracts regime
  • Regulatory Technical Standards—mortgage credit
  • More...

This mortgage credit quick guide details current UK legislation and retained EU legislation in relation to the intermediation of mortgage credit that have been amended and/or revoked by the Mortgage Credit (Amendment) (EU Exit) Regulations 2019, SI 2019/656 (MC Exit Regulations 2019) and other instruments at the end of the implementation period following the UK’s withdrawal from the EU, as well as corresponding changes to Financial Conduct Authority (FCA) rules and guidance.

Overview of onshored and preserved EU-derived law post-IP completion day

The MC Exit Regulations 2019 are part of HM Treasury’s programme of statutory instruments under the European Union (Withdrawal) Act 2018 EU(W)A 2018 dealing with contingency preparations for a ‘no deal’ Brexit. The MC Exit Regulations 2019 form part of the process of domesticating EU law to ensure legal continuity at the point of the UK’s exit from the EU. EU(W)A 2018 ‘onshores’ and preserves most EU and EU-derived law as it stood immediately before the UK’s departure.

The Withdrawal Agreement sets out the arrangements for UK withdrawal from the EU. It includes a transition period (or, to use the UK government’s phraseology, the ‘implementation period’) beginning on 31 January 2020 and ending on 31 December 2020. During the transition period, the UK was treated, for most purposes, as if it were still an EU Member State with access to EU markets on previous terms

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