CCPC: Increase mortgage market competition

Increasing competition for consumers and the adoption of the so-called “Danish model” would improve the current “dysfunctional” mortgage market which has an unhealthy level of mistrust between customers and lenders, the chair of the Competition and Consumer Protection Commission (CCPC) has said.

Isolde Goggin was speaking at the Oireachtas finance committee as options for the Irish mortgage market were discussed. She said there was a need for a “national vision” as to what was needed from a mortgage market.

“We think increasing competition is also extremely important. More new entrants would in turn increase competition. Rebuilding our international reputation is central to this, getting the message out there that we are working through the problems and we are an attractive option for reputable new entrants,” she added.