Mortgage changes could hit oil workers

A new European directive may cause headaches for oil and gas workers who get paid in a foreign currency.

The European Mortgage Credit Directive (EMCD), which has been set up with the support of the UK’s Financial Conduct Authority, is due to come into force on March 21, 2016.

EMCD aims to not only provide a high level of consumer protection, but also to create greater cross-border competition for mortgages in the EU.

Some mortgage lenders have already decided to introduce multiple changes including no longer accepting foreign or converted currency or assets as part of the affordability equation.