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26 december 2007

Guidelines for the european mortgage lending market

The white paper of 18 December 2007 reveals the European Commission's strategy to increase cross-border competition in European mortgage lending markets.


The Commission believes it is too early to enact new laws and has identifi ed four areas it would like to look at more closely. These include: the annual percentage rate of charge, right of early repayment, pre-contractual information and the obligations of creditors and consumers. Policy guidelines will be subject to impact studies and submitted to the banking industry for consultation.

The FBF is in favour of any initiative that will promote the harmonisation of European mortgage lending markets. Believing, like the Commission, that supply will stimulate demand, the FBF feels that any new measure must make it easier for bankers to improve the quality and diversity of the products and services they offer their consumers.

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