Consumer Protection in Mortgage Lending

A Comparative Analysis of the Impacts of the Mortgage Credit Directive in Sweden and the United Kingdom

in European Journal of Comparative Law and Governance
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For different reasons, such as the financial crisis of 2007, the eu has adopted a directive with the purpose of harmonising consumer mortgage lending law whilst ensuring a high level of consumer protection. This article assesses the impacts of the Mortgage Credit Directive in Sweden and the United Kingdom. The focus is residential mortgage lending from a consumer protection perspective on the basis of the main areas of the directive; communications, advice, information, disclosure, responsible lending and repayment. The practical processes of mortgage lending and the ways these fields are regulated are significantly different in the two Member States; however, many similarities on a principle level can be found. The study is an example of how harmonisation is made within the eu and how two Member States with almost opposite starting points are able to harmonise law and still preserve the characteristics of their own solution.

Consumer Protection in Mortgage Lending

A Comparative Analysis of the Impacts of the Mortgage Credit Directive in Sweden and the United Kingdom

in European Journal of Comparative Law and Governance

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References

6

L. Whitehouse‘The First Legal Mortgagor: a Consumer Without Adequate Protection?’Journal of Consumer Policy: Consumer Issues in Law Economics and Behavioural Sciences38 (2015) 161 at 174. [Cit. Whitehouse].

9

C. Ondersma‘A Human Rights Famework for Debt Relief’University of Pennsylvania Journal of International Law36 (2014) 269 at 297.

10

C. Ondersma‘A Human Rights Approach to Consumer Credit’Tulane Law Review90 (2015) 373 at 379. [Cit. Ondersma 2015].

20

J. C. Reitz‘How to Do Comparative Law’American Journal of Comparative Law46 (1998) 617–639at 621–623 (Reitz).

22

K. W. Dam‘The Subprime Crisis and Financial Regulation: International and Comparative Perspectives’Chicago Journal of International Law10 (2) (2010) 581 at 587 (Dam).

39

E. J. Eberle‘The Method and Role of Comparative Law’Washington University Global Studies Law Reviewvolume 8 (3) (2009) 451–486 at 457 (Eberle).

44

M. BogdanConcise Introduction to Comparative Law (Groningen: Europa Law Publishing2013) 8 (Bogdan); Zweigert & Kötz (n. 38) 40–45.

49

July 2015.

52

The Treaty on the European Union (1992).

73

Dir. 2014:13Genomförande av eu- direktiv om bostadslåneavtal 2.

76

Dir. 2014:13p. 2.

87

Dir. 2014:13.

107

Prop 2009/10:242 p. 91.

128

Ibid p. 129.

129

Ibid pp. 136–139.

146

D. BryanA straightforward guide to The Rights of The Consumer (Brighton: ­Straightforward publishing2015) 59.

226

Dir. 2014:13p. 5.

251

Ibid p. 10.

267

Ibid p. 11.

303

Ibid pp. 165–166.

304

Ibid pp. 162; 239.

308

Cp14/20 p. 10.

310

Ps15/9 (n. 157) p. 32.

311

Dir. 2014:13p. 8.

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