http://www.independent.ie/business/...tgage-lender-to-shake-up-market-34425862.html
Hopefully some decent interest rates rather then the normal fleecing.
Hopefully some decent interest rates rather then the normal fleecing.
I welcome the arrival of Frank and provided they offer a variable rate c.2.7% I will switch immediately.Jumping through a few hoops to save .75% makes it work for me.Hopefully the C.B. issues approval quickly.
Surely banks should be encouraging overpayments where possible !
Can I ask why you think they would offer a c2.7% rate, all they have to be is be slightly cheaper then the cheapest rate available
@Brendan Burgess is it worth trying to arrange a meeting with Mr Cunningham in advance of its 'pending' launch and see if it would be possible to outline some of the main issues with the current lending practices and ask him to consider addressing some of them contractually in their mortgage agreements
Why do you say that?
I also assume that the main-stream banks would prefer to have higher quality loan assets on their accounts. Surely overpaying, and the ability to regularly overpay, increases the quality of the asset, and therefore is less risky.
The Frank Mortgage have a [broken link removed]. Albeit, not all information is on the site yet.
Website says they are still waiting for CBI approval.
One can register for updates.
There is some frustration among brokers that it is taking the Central Bank months to approve Frank Money's application to become an authorised mortgage lender.
This is despite Central Bank Governor Philip Lane blaming a lack of competition in the home-loans market for the fact that variable rates in this country are the highest in the eurozone."
Does Frank not realise that the last thing which the Central Bank really wants is competition driving down prices? The Central Bank wants the banks to continue fleecing mortgage holders so that they build up their profits and capital.
Brendan