Law on home loans in force

An EU directive aiming to boost protections and opening up choice in buying a mortgage outside national boundaries has been transposed into Irish law, the Department of Finance said yesterday.

However, leading mortgage expert Michael Dowling said it will be many years before the law will have much practical effect — allowing an Irish citizen to buy a home loan from a lender based elsewhere in the EU.

The department said the new law bolsters existing consumer protections for home buyers under the Consumer Credit Act and the Irish Central Bank’s consumer protection and mortgage arrears codes.