Finance house pulls plug on high-risk mortgages

Finance house Irish Life & Permanent (IL&P) has effectively pulled the plug on one of its higher risk mortgage lending wings, it was confirmed today.

Finance house pulls plug on high-risk mortgages
Thu, 23 Apr, 2009 - 14:31

Finance house Irish Life & Permanent (IL&P) has effectively pulled the plug on one of its higher risk mortgage lending wings, it was confirmed today.

Springboard Mortgages has paid out about €500m in what it called the ’near prime’ market in the last two-and-a-half years, mostly dealing with buyers already rejected by the bigger banks.

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