Mortgage holders to receive equal protection

Consumers whose mortgages or other loans have been transferred to unregulated entities will receive the same protection as was the case prior to their loan being sold — even if the transfer took place prior to the introduction of new legislation.

Department of Finance officials made the claim yesterday at a meeting of the Oireachtas finance committee which was focused on the introduction of legislation aimed at regulating the sale of loan books to such entities.

Department of finance banking division assistant secretary John Hogan said the aim of the legislation was to return consumers to the same position they found themselves in prior to the sale of the loan book.