Banks tighten 100% loan criteria

IRISH lenders are tightening the qualifying criteria for 100% mortgages — as some of Britain’s largest lenders begin to withdraw completely.

Irish banks are undertaking a re-assessment of the suitability of the 100% product as a result of market conditions, according to the Irish Bankers’ Federation.

An IBF spokesman said: “There’s a changed environment generally. In the pre-turmoil days it was easier from a risk assessment point of view to assess suitability but in recent months suitability has had to be reassessed.