Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Mortgage definition

What does Mortgage mean? In practice, a mortgage is the security taken by a lender over land (and fixtures) to secure repayment of a loan or other obligations. It gives the mortgagee proprietary rights in the borrower’s property, affecting priority, registration and enforcement. The term is used descriptively across property, banking and insolvency law and is shaped by statute and case law. England & Wales and Northern Ireland: a mortgage over registered land is usually a legal charge created by deed with the statutory effect of a mortgage (for example, under the Law of Property Act 1925 and NI equivalents). Equitable mortgages can arise,...

UK implementation of the Mortgage Credit Directive: article-by-article transposition table with cross-references to the MCD Order 2015, RAO, FSMA and FCA Handbook

Published by a LexisNexis Financial Services expert

Practice notes

Background to the UK transposition of the Mortgage Credit Directive

The Mortgage Credit Directive 2014/17/EU (MCD) came into force in the UK on 21 March 2016 and covers both first and second charge mortgages. HM Treasury gave effect to the MCD by passing legislation, including the Mortgage Credit Directive Order 2015, SI 2015/910 (the MCD Order), and by amending the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO), SI 2001/544. At the same time, the Financial Conduct Authority (FCA) implemented the MCD through rules and guidance in the Mortgages and Home Finance Conduct of Business sourcebook (MCOB).

Table setting out UK transposition of the Mortgage Credit Directive

Based on HM Treasury’s March 2015 publication, the table below is intended to indicate where the provisions transposing MCD requirements are located within the MCD Order, the RAO and MCOB, and to point to the key UK legislation and FCA rules that implement the MCD. It may not amount to a complete inventory of every MCD article or each new FCA rule.

In the table, the following abbreviation is used (as well as those already referred to):

annual percentage rate of charge (APRC)

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Web page updated on 22/05/2026

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