European Commission scraps 10 day cooling off period
The European Commission (EC) have scrapped plans for the proposed 10-day cooling period for all mortgage contracts. The original idea was to give borrowers 10 days to decide if the mortgage they had chosen was suitable, after the bank had lent them the money. This would have resulted in real confusion in the mortgage market.
The EC have come up with new proposals for the banks and the new plans are to make lenders legally obliged to tell someone why they have been refused a mortgage. The commission would also like to see lenders refuse mortgages to borrowers that fail credit scores and a product worthiness assessment.
January 22, 2011
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