The Mortgage Credit Directive came into force on 21 March. Prospective borrowers have been given a ‘reflection period’, allowing them to compare mortgage offers, assess their implications and make an informed decision. The certificate of title has been updated at paragraph 1(b) to act as confirmation that the borrower wishes to proceed with the offer.

Firms are likely to develop their own procedures, but the Law Society has made a number of suggestions to support firms to make the required changes.