(This note is not part of the Instrument and does not purport to be a legal interpretation.)
These Regulations transpose into domestic law the provisions of Directive 2014/17/EU of the European Parliament and of the Council on credit agreements for consumers relating to residential immovable property and amending Directives 2008/48/EC and 2013/36/EU and Regulation (EU) No 1093/2010 (the "Mortgage Credit Directive").
The objective of the Mortgage Credit Directive, as outlined in Recital 6, is to develop a more transparent, efficient and competitive internal market, through consistent, flexible and fair credit agreements relating to residential immovable property, while promoting sustainable lending and borrowing and financial inclusion, and hence providing a high level of consumer protection.
The main elements of the Regulations are: -
• Part 1 covers preliminary matters including important definitions and the type of credit agreements falling within the scope of the Regulations. It
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