Search Legislation

Advanced Search

The Mortgage Credit Directive Order 2015

Changes to legislation:

There are currently no known outstanding effects for the The Mortgage Credit Directive Order 2015. Help about Changes to Legislation

Close

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.

  1. Introductory Text

  2. PART 1 Introductory Provisions

    1. 1.Citation and commencement

    2. 2.Interpretation

  3. PART 2 Amendments to legislation

    1. 3.Amendments to legislation

  4. PART 3 Consumer buy-to-let mortgages

    1. 3A.Application of this Part

    2. 4.Interpretation of this Part

    3. 5.Meaning of credit intermediary

    4. 6.Meaning of advisory services

    5. 7.Limitation on permission to carry on regulated activities

    6. 8.Register of consumer buy-to-let mortgage firms

    7. 9.Applications for entry on the register or variation of an existing entry on the register

    8. 10.Determination of applications

    9. 11.Procedure when refusing an application

    10. 12.Registered consumer buy-to-let mortgage firm ceasing to meet the requirements for registration

    11. 13.Revocation of registration

    12. 14.Procedure on revocation

    13. 15.Suspension of registration

    14. 16.Procedure on suspension

    15. 17.Appointed representatives

    16. 18.Obligations of registered consumer buy-to-let mortgage firms

    17. 19.Power to direct registered consumer buy-to-let mortgage firms to take appropriate action

    18. 20.Functions of the FCA in relation to this Part

    19. 21.Monitoring and enforcement

    20. 22.Guidance

    21. 23.Application of provisions of the Act to registered consumer-buy-to-let mortgage firms

    22. 24.Application of procedural provisions of the Act

    23. 25.Application of provisions of the Act to the FCA in respect of its supervision of consumer buy-to-let mortgage firms

    24. 26.Extension of the compulsory jurisdiction of the Financial Ombudsman Scheme to registered consumer buy-to-let mortgage firms

  5. PART 4 Transitional Provisions

    1. 27.Transitional provision: person with Part 4A permission to carry on an activity in relation to a regulated mortgage contract before 21st March 2016

    2. 28.Transitional provision: agreements before 21st March 2016

    3. 29.Transitional provision: consumer credit back book mortgage contracts

    4. 30.Transitional provision: person engaged in consumer buy-to-let mortgage business before 20th March 2014

    5. 31.Transitional provision: person subject to the Consumer Credit Act 1974 who chooses to adopt new rules before 21st March 2016

    6. 31A.Transitional provision: first charge mortgages entered into before 31st October 2004 which are regulated credit agreements immediately before 21st March 2016

    7. 32.FCA power to direct timing of applications for permission and registration

  6. PART 5 Review

    1. 33.Review

  7. Signature

    1. SCHEDULE 1

      Amendments to legislation

      1. PART 1 Amendments to primary legislation

        1. 1.The Financial Services and Markets Act 2000

        2. 2.The Consumer Credit Act 1974

      2. PART 2 Amendments to secondary legislation

        1. 3.The Consumer Credit (Agreements) Regulations 1983

        2. 4.The Financial Services and Markets (Regulated Activities) Order 2001

        3. 5.The Financial Services and Markets Act 2000 (Exemption) Order 2001

        4. 6.The Financial Services and Markets Act 2000 (Compensation Scheme: Electing Participants) Regulations 2001

        5. 7.The Financial Services and Markets Act 2000 (Appointed Representatives) Regulations 2001

        6. 8.The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001

        7. 9.The Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations 2001

        8. 10.The Financial Services and Markets Act 2000 (Gibraltar) Order 2001

        9. 11.The Consumer Credit (Disclosure of Information) Regulations 2004

        10. 12.The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005

        11. 13.The Consumer Credit (Disclosure of Information) Regulations 2010

        12. 14.The Consumer Credit (Agreements) Regulations 2010

        13. 15.The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2013

    2. SCHEDULE 2

      Requirements for registered consumer buy-to-let mortgage firms

      1. Conditions applicable to creditors and credit intermediaries

        1. 1.Conduct of business obligations when providing consumer buy-to-let mortgage products to consumers

        2. 2.Obligation to provide information free of charge to consumers

        3. 3.Knowledge and competence requirements for staff

        4. Information and practices preliminary to the conclusion of the consumer buy-to-let mortgage contract

          1. 4.Tying and bundling practices

          2. 5.General information

          3. 6.Pre-contractual information

          4. 7.Information requirements concerning credit intermediaries

          5. 8.Adequate explanations

        5. Annual percentage rate of charge

          1. 9.Calculation of the annual percentage rate of charge

        6. Creditworthiness assessment

          1. 10.Obligation to assess the creditworthiness of the borrower

          2. 11.Property valuation

          3. 12.Disclosure and verification of borrower information

        7. Advisory services

          1. 13.Standards for advisory services

        8. Foreign currency loans and variable rate loans

          1. 14.Foreign currency loans

          2. 15.Variable rate credits

        9. Sound execution of consumer buy-to-let mortgage contracts and related rights

          1. 16.Early repayment

          2. 17.Flexible and reliable markets

          3. 18.Information concerning changes in the borrowing rate

          4. 19.Arrears and possession

        10. Calculation of the annual percentage rate of charge

          1. 20.Basic equation expressing the equivalence of drawdowns on the one hand and repayments and charges on the other

          2. 21.Additional assumptions for the calculation of the annual percentage rate of charge

  9. Explanatory Note

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Memorandum

Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Impact Assessments

Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:

  • Why the government is proposing to intervene;
  • The main options the government is considering, and which one is preferred;
  • How and to what extent new policies may impact on them; and,
  • The estimated costs and benefits of proposed measures.
Close

Timeline of Changes

This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.

Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources