FI is introducing new regulations and general guidelines that entail that banks and credit market companies offering mortgages to consumers must report the actual mortgage rates their customers are paying. Banks and credit market companies must report every month the average rate that their customers paid for various fixed interest terms for the previous month. Consumers should be able to see an overview of this data for the past twelve months. The information should be published on the undertakings' websites.
The undertakings must also provide information about factors that affect the interest rate they are offering. Such factors could include, for example, the consumer's income and savings, the size of the loan and collateral.
The aim of the new regulations is to improve consumers' possibilities for making well-informed decisions about their mortgages. Improving the information available to consumers will facilitate the comparison of mortgage offers.
The new regulations enter into force on 1 June 2015.
The scope of the regulations is expanded to also include lenders with authorisation in accordance with the Mortgage Business Act (2016:1024). A new definition of housing loan is also introduced. The amendments enter into force on 1 January 2017. Amendment 2016:32