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1001947
registered interest false more like this
date less than 2018-11-05more like thismore than 2018-11-05
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Mortgages: EU Law more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Chancellor of the Exchequer, what assessment he has made of the effect of the EU Mortgage Credit Directive on access to lower mortgage rates. more like this
tabling member constituency East Worthing and Shoreham more like this
tabling member printed
Tim Loughton more like this
uin 187982 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2018-11-12more like thismore than 2018-11-12
answer text <p>The EU Mortgage Credit Directive (MCD), which came into force in March 2016, prevents lenders waiving the affordability requirements when a borrower moves to a new lender. As a result some borrowers may find it harder to switch to a new lender to access lower rates.</p><p> </p><p>While we must comply with the MCD, the Financial Conduct Authority have put in place exemptions which allow lenders to waive affordability requirements for customers that are remortgaging with their existing lender but not increasing the size of their debt. In addition in July 2018, UK Finance, the Building Socieities Association, and the Intermediary Mortgage Lenders Association, announced a cross industry voluntary agreement. Under this agreement lenders undertook to write by the end of 2018 to any borrowers on the reversion rate who are up to date with payments, and have a minimum of 2 years and £10,000 left on their mortgage, to let them know they can access lower mortgage rates with their existing lender. Officials in the Treasury continue to work closely with the FCA and industry to explore what more can be done<strong>. </strong></p>
answering member constituency Salisbury more like this
answering member printed John Glen more like this
question first answered
less than 2018-11-12T17:49:19.453Zmore like thismore than 2018-11-12T17:49:19.453Z
answering member
4051
label Biography information for John Glen more like this
tabling member
114
label Biography information for Tim Loughton more like this