CML calls for speedy EU Mortgage Directive consultation

The CML called on the Treasury and the Financial Conduct Authority to begin to consult publicly as soon as possible and to establish how the directive will be implemented and what changes there may be for UK firms and consumers.

Following publication in today's Official Journal of the European Union of the directive on credit agreements relating to residential property, the UK - along with other EU member states - has two years to work toward implementation.

CML's head of policy Jackie Bennett said: "Formal publication of the directive finally brings to an end a long period of uncertainty about what European proposals for regulating mortgages will look like. But that means the start of the next stage in the process for UK firms and consumers.

"Lenders are currently working flat out towards final implementation of new rules for regulating mortgages in the UK - due to come into effect in just eight weeks' time, on 26 April.

“Once the new UK rules are bedded in, however, firms will need to begin to prepare for any changes that might be needed to comply with European regulation.

“It will help everyone affected - consumers, as well as firms - for the process of public consultation by the Treasury and the FCA to begin as soon as possible."