EU clamps down on irresponsible mortgage lending

Under the proposals, lenders will be required to provide clearer information on mortgages, allow borrowers the right to repay loans early and give warnings about the risks of taking out loans in foreign currencies, reports the Telegraph. As part of the legislative package, UK borrowers and mortgage customers across Europe will have to be given an information sheet setting out the features of the loan, risk factors, repayment features, withdrawal rights and details of how to complain. Michel Barnier, EU internal market and services commissioner, told the Telegraph the draft set of rule...