Mortgage borrowers are set to be bombarded with baffling information after the EU gave provisional approval to new mortgage rules.

Controversial new EU mortgage rules that will bombard borrowers with “useless and confusing” information have been given the green light by policymakers in Brussels. The directive, reported by The Telegraph in June, was yesterday given provisional approval by the European Parliament. The decision was thought to be the only major hurdle before the rules are rolled out across Europe over the next two years. A final vote, expected to held this autumn, is now seen as no more than a formality. Mortgage industry commentators in Britain have branded the EU's mortgage credit directive as a “crackpot” idea because it could make mortgages harder to understand. Under the rules, mortgage lenders across Europe will be forced to display worst-case scenarios to borrowers taking on a loan.....Read more here