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Mortgage loan directive – any novelties?



European Parliament just voted through the so-called mortgage loan directive which is to govern matters related to mortgage loans granted for the purchase of housing and commercial properties, and land.


The year 2015 is the deadline banks have for the implementation of the regulations. The directive aims at protecting the interests of the bank clients, even before the mortgage loan agreement is concluded. The directive imposes strict regulations on loan-granting institutions which are related to the explicitness of the information bank clients receive before taking a loan.


Obligations imposed on banks

The directive introduces a number of new, significant changes in loan-granting procedures. Some of them are presented below, following the summary prepared by Polska Federacja Rynku Nieruchomości.


1. Information sheet

Each bank which operates in the European Union area will be obliged to present their offer in a clear and explicit manner, which is understandable to the client. As a result, the client will receive a special information sheet with all the details about the loan included. This document will be identical in all countries of the European Community. The purpose of issuing such an information sheet is to provide consumers with the data on the long-term consequences of taking a mortgage loan.


2. The seven days rule

Clients will be entitled to decide not to enter into obligations resulting from the loan agreement. They will have 7 days from the moment of concluding the mortgage loan agreement to do that.


3. Loan’s currency translation and the early mortgage payoff.

The directive opens for consumers the possibility of the loan’s currency translation, and its early payoff at any time. It is an important change, as many banks made their clients pay  additional fees as penalties for the early mortgage payoff. The provisions of the directive will eliminate all the charges related to this practice, and will give the opportunity to the client to expect some financial consideration for paying the loan off earlier.


4. Loan’s time balance payment

In the case of a borrower who had delays in the loan instalments payment, the encumbered property is to be sold with the highest price possible. Money obtained from the sale will be used to cover the payment of the loan’s outstanding time balance.


5. Financial advisors under control

The mortgage directive introduces the obligation to register financial advisors and define their specific areas of authority. Qualifications obtained in one Member State will provide a person with an opportunity to perform their work in other Member States. The only condition for them is to continue their education in the field, and to have a civil liability insurance.


6. Property appraisal

Each State Member is to prepare specific standards to be implemented in the property appraisal process. These standards will be the same for all clients, and will oblige the property appraisers to continue improving their knowledge. The priority here is to be able to prepare as objective appraisal as possible, which would not hinder interests of neither of the parties.

Mateusz Kozłowicz


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