Mortgage Credit Directive (MCD)—essentials
Mortgage Credit Directive (MCD)—essentials

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

  • Mortgage Credit Directive (MCD)—essentials
  • What is the background to the Mortgage Credit Directive and why did it come about?
  • Level of harmonisation of the Mortgage Credit Directive
  • Adoption and implementation of the Mortgage Credit Directive
  • Subject matter and scope of the Mortgage Credit Directive
  • Key provisions of the Mortgage Credit Directive
  • EBA opinions, guidelines and technical standards in relation to the Mortgage Credit Directive
  • Arrears, foreclosure and creditworthiness assessments
  • Minimum monetary amount of the PII or comparable guarantee for mortgage credit intermediaries
  • Application of the existing Joint Committee Guidelines on complaints handling to authorities competent for supervising the institutions under MCD
  • More...

Mortgage Credit Directive (MCD)—essentials

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

BREXIT: UK is leaving EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. For further guidance on the impact of Brexit on the regulation of mortgage credit, see Practice Note: Impact of Brexit: mortgage credit—quick guide.

What is the background to the Mortgage Credit Directive and why did it come about?

The Mortgage Credit Directive (Directive 2014/17/EU) (MCD) lays down a common framework for laws, regulations and administrative provisions of Member States in relation to agreements covering credit for consumers secured by a mortgage or otherwise relating to residential immovable property.

The European Commission began work to review the EU residential mortgage markets in 2003. In July 2005, a Green Paper was published considering whether, and if so how, the European Commission should regulate mortgages. Following publication of the Green Paper, the Commission published a White Paper in 2007. Following

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