Lender to quit mortgage business as banks benefit from lower funding costs
The mortgage market has suffered a blow after non-bank lender said it will stop issuing residential home loans.
Lender to quit mortgage business as banks benefit from lower funding costs
Existing loan offers will be honoured for home buyers closing a purchase
The mortgage market has suffered a blow after non-bank lender said it will stop issuing residential home loans.
Finance Ireland, which was founded and is run by Billy Kane, a former CEO of Irish Permanent and a director of Irish Life & Permanent PLC, has previously flagged its disadvantage relative to the main banks.
Banks finance their mortgage lending from cheap deposits, but non-bank lenders are forced to borrow in the wholesale money markets, making their core input more expensive when prevailing interest rates are high.
They sure are/were!Their rates are nuts.
Can't see any.Was there a good reason to go with them over any one else?
Only reason I can see is that you have a better chance with imperfect credit, so could have been worth getting a mortgage with them and transferring once your credit record had improvedTheir rates are nuts. Was there a good reason to go with them over any one else?
Qualifying Criteria
The Progress Plus mortgage allows for a little more flexibility around things like previous credit issues, self-employed income assessment, refinancing and buying a buy-to-let property for example.
Previous arrears on unsecured loans must be more than 6 months ago and on secured loans more than 4 years ago.
Their rates were competitive a few years ago when ECB interest rates were low.Their rates are nuts. Was there a good reason to go with them over any one else?
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