My mortgage was sold to another company without my consent. Is this allowed?

What the Law Says

Under EU consumer credit law, lenders may assign (sell) mortgage contracts to third parties without requiring the borrower’s consent — but strict transparency and continuity safeguards apply.

The EU Mortgage Credit Directive (2014/17/EU) governs residential mortgage lending across all EU Member States. It permits the transfer of mortgage rights and obligations to a new creditor, provided the borrower’s position is not worsened and full information is provided.

Article 22(1) explicitly states that 'the assignment of the credit agreement to a third party shall not affect the rights and obligations of the consumer', meaning your repayment terms, interest rate, duration, and protections remain unchanged.

Importantly, Article 22(2) requires the original and new creditor to jointly inform you 'without undue delay' — and in any case no later than 30 days before the transfer takes effect — about the identity of the new creditor, contact details, and confirmation that your contractual terms remain identical.

Statutory Text

The assignment of the credit agreement to a third party shall not affect the rights and obligations of the consumer.

— Directive 2014/17/EU, Art. 22(1) — Rights and obligations of the consumer

Statutory Text

The creditor and the assignee shall jointly inform the consumer thereof without undue delay and, in any event, no later than 30 days before the assignment takes effect.

— Directive 2014/17/EU, Art. 22(2) — Information on assignment

Sources