"As a small player it will struggle to compete on price, but Billy Kane said borrowers in the first time-buyer market currently have few alternatives and could benefit from greater choice"
will be a follower, not a leader
Finance Ireland, a non-bank lender backed by the Ireland Strategic Investment Fund (Isif), has decided to enter the mortgage market and will announce its plans within weeks.
Finance Ireland’s mortgages “will be competitive but not necessarily leading in terms of price”, Kane added. Finance Ireland will lend only to borrowers with prime credit records.
It will compete in all segments of the mortgage market including first-time buyers, those trading up or down, and switchers.
Finance Ireland and Dilosk plan to distribute their mortgages through independent brokers, who control 20%-25% of the mortgage market.
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