Monday 11 June 2012
The Economic and Monetary Affairs Committee has authorised new regulations make sure people are aware of the details set out in their mortgage deals.
The regulations have been created to ensure that people sign mortgage contracts that are suitable to their personal circumstances and will also ensure credit checks are carried out.
Closer management of mortgage sellers will also be provided to protect borrowers that are struggling to keep up with mortgage repayments by giving them greater protection from repossession.
Rappporteur Antolin Sanchez Presedo commented on houseladder.co.uk that: "We introduced a new chapter on financial education, strengthened information to consumers, established a reflection period and the possibility to receive good advice, as well as fair principles for crisis situations."