Mortgage credit intermediaries

Mortgage credit intermediaries are service providers that provide intermediation of consumer credits related to residential immovable property or provide advisory services related to such credits.

The services of mortgage credit intermediaries include the offering or provision, against compensation, to consumers of credit agreements by other than the creditor itself, assisting consumers otherwise in making such credit agreements, and making such credit agreements with consumers on behalf of the creditor. In addition, a mortgage credit intermediary may provide advisory services. Advisory services refer to the provision of personal recommendations to consumers in connection with consumer credit agreements relating to residential immovable property. 

The right to mediate consumer credits related to residential immovable property and the provision of advisory services related to such credits are provided for in the Act on Intermediaries of Consumer Credits related to Residential Immovable Property (852/2016). There are also provisions in the Consumer Protection Act (38/1978) related to the offering of the services of mortgage credit intermediaries.

Intermediation of consumer credits related to residential immovable property requires the registration of the service provider

Before commencing operations, a mortgage credit intermediary must submit a notification to the Financial Supervisory Authority (FIN-FSA) for entry in the register. A trader may intermediate consumer credits related to residential immovable property only if it is entered in the register maintained by the FIN-FSA as an intermediary of credits related to residential immovable property.

Within the framework of their registration, registered mortgage credit intermediaries may provide services from Finland into the EEA. Cross-border provision of services requires that a notification be submitted to the FIN-FSA. Correspondingly, a mortgage credit intermediary registered in the EEA is entitled to provide its services in Finland, provided that the supervisory authority of the credit intermediary’s home Member State has informed the FIN-FSA of the commencement of service provision.

In its online service, the FIN-FSA maintains a register of mortgage credit intermediaries, where it is possible to check whether a service provider has been registered in the appropriate manner.

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