An Post may enter the mortgage market
The more choice available in a market the greater the competition. In the past year we have seen the arrival of ICS as an investment property mortgage specialist and Pepper entering the home loan market. The arrival of an Post is interesting.
The newspaper article suggested that An Post would undercut the existing lenders.
We expect that it is unlikely that arranging mortgages through the post office branch network will be viable and it is also unlikely that An Post will underwrite these mortgages themselves. They have partnered with Avant card on consumer finance and perhaps Avant plan underwriting the An Post mortgages in the future.
More viable competition would be very welcome in this market, especially as rates begin to rise over the coming years. If an Post decide to enter the market we hope it is with a well thought out strategy that will gain trust of consumers and that it is very well funded and prepared for the long haul.