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A new Directive on credit agreements relating to residential property aims to facilitate cross-border lending, protect consumers, and prevent irresponsible lending.
The EU mortgage market
The total value of residential mortgages in the EU exceeded €6 trillion in 2009 – more than half of EU GDP. However, there are significant differences between Member States, due to different approaches (for example fixed rate vs. variable rate mortgages) and different national regulations. Because mortgage contracts must respect the laws of the country in which the residential property is located, cross-border lending is difficult. Lenders usually gain access to a foreign market…
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