Mortgage Credit Directive Course

The EU Mortgage Credit Directive (MCD) applies to all businesses dealing with first-charge, second-charge, and buy-to-let mortgages.

The MCD exists to protect consumers and covers credit agreements and lending solely or predominantly secured on residential immovable property.

Our Mortgage Credit Directive Course explains the procedural requirements and documentation related to mortgage credit.

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Mortgage Credit Directive

About this Course

Available as part of our FCA Compliance Library.

Learning Objectives

This course will prepare your employees to:

  • Explain what the EU Mortgage Credit Directive is
  • Understand how MCD impacts first charge, second charge and buy-to-let mortgages
  • Comply with the documentation and procedural requirements of the MCD

Course outline

Welcome

What is Mortgage Credit Directive?

- Background

Impact on MCOB

Second Charge Mortgages

- What is Second Charge Mortgage?

Addressing the risks

- Exercise: Addressing the risks

Buy-to-let mortgages

Business versus consumer

What is CBTL?

Regulated mortgages

- Exercise: What is CBTL?

Lifetime mortgages

Changes to standards

Annual Percentage Rate of Charge

European Standardised Information Sheet (ESIS)

KFI, ESIS or Both?

Financial Promotions

Initial Disclosure

Affordability

Execution-only sales

Consideration period

- Exercise: Consideration period

Foreign Currency (FC) Mortgages

Training & Competence (T&C)

Applying for permissions

Summary

Affirmation

Assessment

FCA Courses Library

Our FCA Course library of over 60 training modules covers everything from high-level and conduct of business standards to thematic topics, including treating customers fairly.

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Course Specifications

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Structure

Approximately 30-minute long e-learning course followed by a 10-question assessment.

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Audience

Suitable for all staff - examples and interactivities designed for staff at all levels. No previous knowledge or experience is required.

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Design

SHARD-compliant, responsive display on all devices, accessibility on screen readers, visual design controlled via a client style sheet.

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Test-Out

Ability to offer optional test-out, whereby users can choose to skip the course content and complete the learning assignment simply bypassing the assessment.

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Compatibility

All Windows, Mac OSX, iOS, Android (Flash-free for mobile compatibility). AICC and SCORM 1.2-compliant, suitable for both hosted and deployed SCORM or AICC.

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Tailoring

Fully customisable on Skillcast Portal CMS.

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Translation

Pre-translated versions not available, but all text content can be exported for translation into all languages.

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Localisation

Based on UK legislation, but suitable for global audiences upon the removal of UK-specific references and translation as necessary.