New entrants to Mortgage market
Finance Ireland, an Irish based finance company established in 2002, is planning to enter the mortgage market towards the end of the year. It is believed the Company will use the broker channel to source business. The company currently provides Commercial Mortgages, Car finance Facilities and Leasing facilities.
Earlier this year the Company announced an Investment of €30 million from the Irish Strategic Investment Fund (ISIF).
This development comes on the back of other smaller lenders entering the market with the recent arrival of Pepper Mortgages who are offering home loans at competitive rates and Dilosk Mortgages, operating under the ICS brand and specialising in residential investment property finance.
Ireland has a relatively small pool of lenders following the crash of 2008 when a number of lenders ceased providing mortgages including Bank of Scotland, Danske Bank and Rabo / ACC.
The change to digital banking opens up the market to a wider spread of lenders who do not have the costly infrastructure of the larger traditional lenders.
The market will benefit from the arrival of lenders who are well funded and who are committed to growing their business in the long term, through prudent lending practices and competitive rates.