Mortgages: Improved Consumer Protection

The Ministry of Finance clarifies the obligations of borrowers when taking out a mortgage.

 

The Order of 25 March 2016 which transposes the European Directive of 4 February 2014 on consumer credit contracts relating to residential property defines the framework for solvency of borrowers.

“The analysis of the solvency of borrowers is regulated:

  • The lender must perform a thorough assessment of the solvency of the borrower.
  • The borrower is informed by the lender at the pre-contract stage in a clear and simple way what information is needed to carry out the assessment of his solvency.

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