UK Statutory Instrument SI 2015/910 United Kingdom

The Mortgage Credit Directive Order 2015

Read it on legislation.gov.uk (opens in a new tab)
Enforced by
FCA
Status
In Force
Penalty ceiling
Regulated

Does it bind you?

Business-side roles with duties under this instrument.

Trader16

Other Acts binding the same actors

If a role above is yours, these are the other instruments that most often bind it.

Trader — also bound by 825 other Acts
Companies Act 2006 243 duties
Companies Act 1985 85 duties

What it requires

Regulations creating concrete business duties or carrying penalties, grouped as the instrument is structured. Titles link to the source text — blue means you’re leaving for legislation.gov.uk.

35 other provisions — procedural and definitional
s.art001 Citation and commencement
s.art002 Interpretation
s.art003 Amendments to legislation
s.art003 Application of this Part
s.art004 Interpretation of this Part
s.art005 Meaning of credit intermediary
s.art006 Meaning of advisory services
s.art007 Limitation on permission to carry on regulated activities
s.art008 Register of consumer buy-to-let mortgage firms
s.art009 Applications for entry on the register or variation of an existing entry on the register
s.art010 Determination of applications
s.art011 Procedure when refusing an application
s.art012 Registered consumer buy-to-let mortgage firm ceasing to meet the requirements for registration
s.art013 Revocation of registration
s.art014 Procedure on revocation
s.art015 Suspension of registration
s.art016 Procedure on suspension
s.art017 Appointed representatives
s.art018 Obligations of registered consumer buy-to-let mortgage firms
s.art019 Power to direct registered consumer buy-to-let mortgage firms to take appropriate action
s.art020 Functions of the FCA in relation to this Part
s.art021 Monitoring and enforcement
s.art022 Guidance
s.art023 Application of provisions of the Act to registered consumer-buy-to-let mortgage firms
s.art024 Application of procedural provisions of the Act
s.art025 Application of provisions of the Act to the FCA in respect of its supervision of consumer buy-to-let mortgage firms
s.art026 Extension of the compulsory jurisdiction of the Financial Ombudsman Scheme to registered consumer buy-to-let mortgage firms
s.art027 Transitional provision: person with Part 4A permission to carry on an activity in relation to a regulated mortgage contract before 21st March 2016
s.art028 Transitional provision: agreements before 21st March 2016
s.art029 Transitional provision: consumer credit back book mortgage contracts
s.art030 Transitional provision: person engaged in consumer buy-to-let mortgage business before 20th March 2014
s.art031 Transitional provision: person subject to the Consumer Credit Act 1974 who chooses to adopt new rules before 21st March 2016
s.art031 Transitional provision: first charge mortgages entered into before 31st October 2004 which are regulated credit agreements immediately before 21st March 2016
s.art032 FCA power to direct timing of applications for permission and registration
s.art033 Review
Schedules

Schedules

16 of 36 shown
s.sch002 Conduct of business obligations when providing consumer buy-to-let mortgage products to consumers Regulated
  • Act honestly, fairly, transparently and professionally in consumer buy-to-let mortgage activitiesTrader
s.sch002 Obligation to assess the creditworthiness of the borrower Regulated
  • Assess borrower's creditworthiness before concluding a consumer buy-to-let mortgageTrader
s.sch002 Property valuation Regulated
  • Use reliable standards for property valuationsTrader
s.sch002 Disclosure and verification of borrower information Regulated
  • Assess borrower creditworthiness using verified rental and property dataTrader
s.sch002 Standards for advisory services Regulated
  • Provide advisory services in line with product-range and fee disclosure, best-interest duty, and independent-advice rulesTrader
s.sch002 Foreign currency loans Regulated
  • Provide foreign currency loan borrowers with conversion rights or risk limitation and regular warningsTrader
s.sch002 Variable rate credits Regulated
  • Make variable rate credit indexes clear and verifiable, and keep historical recordsTrader
s.sch002 Early repayment Regulated
  • Allow early repayment of buy-to-let mortgages and provide cost reductionTrader
s.sch002 Flexible and reliable markets Regulated
  • Keep records of property types and mortgage underwriting policiesTrader
s.sch002 Information concerning changes in the borrowing rate Regulated
  • Inform borrowers of borrowing rate changes before they take effectTrader
s.sch002 Arrears and possession Regulated
  • Exercise forbearance and fair treatment when borrowers are in arrearsTrader
s.sch002 Tying and bundling practices Regulated
  • Do not tie buy-to-let mortgages to other financial products unless exceptions applyTrader
s.sch002 General information Regulated
  • Make clear general information available for buy-to-let mortgagesTrader
s.sch002 Pre-contractual information Regulated
  • Provide a lending illustration and draft contract to buy-to-let mortgage borrowersTrader
s.sch002 Information requirements concerning credit intermediaries Regulated
  • Provide specified information to borrowers before credit intermediation activitiesTrader
s.sch002 Adequate explanations Regulated
  • Provide adequate explanations on consumer buy-to-let mortgagesTrader
20 other schedules
s.sch001 The Financial Services and Markets Act 2000
s.sch001 The Financial Services and Markets Act 2000 (Gibraltar) Order 2001
s.sch001 The Consumer Credit (Disclosure of Information) Regulations 2004
s.sch001 The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005
s.sch001 The Consumer Credit (Disclosure of Information) Regulations 2010
s.sch001 The Consumer Credit (Agreements) Regulations 2010
s.sch001 The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (
s.sch001 The Consumer Credit Act 1974
s.sch001 The Consumer Credit (Agreements) Regulations 1983
s.sch001 The Financial Services and Markets (Regulated Activities) Order 2001
s.sch001 The Financial Services and Markets Act 2000 (Exemption) Order 2001
s.sch001 The Financial Services and Markets Act 2000 (Compensation Scheme: Electing Participants) Regulations 2001
s.sch001 The Financial Services and Markets Act 2000 (Appointed Representatives) Regulations 2001
s.sch001 The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001
s.sch001 The Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations 2001
s.sch002 Obligation to provide information free of charge to consumers
s.sch002 Basic equation expressing the equivalence of drawdowns on the one hand and repayments and charges on the other
s.sch002 Additional assumptions for the calculation of the annual percentage rate of charge
s.sch002 Knowledge and competence requirements for staff
s.sch002 Calculation of the annual percentage rate of charge

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