IFSRA ‘would not oppose 120% mortgages’

The financial regulator has reportedly said that it would not oppose a move to introduce mortgages of up to 120% in the Irish market.

A number of financial institutions have attracted criticism from several quarters in recent days due to plans to introduce 100% mortgages.

The products are being introduced at a time when soaring personal debt is leading to concerns among many experts.

However, reports this morning said the Irish Financial Services Regulator had indicated that it would not block moves to bring in 120% mortgages, even though it described such products as "irresponsible".