Banking sector sets new criteria for mortgage-holders to switch lender

As part of new supports, credit servicing firms are to work closely with Mabs to agree repayment plans for customers in financial difficulty

BPFI chief executive Brian Hayes said supports available from providers 'apply to those who may already have missed a repayment as well as to those customers whose payments are fully up to date but feeling under financial pressure'. Picture: Daragh Mc Sweeney/Provision

Banks and non-bank lenders have agreed a new set of eligibility criteria which would make it easier for customers of credit servicing firms to switch their mortgage to another provider, the Banking and Payments Federation Ireland (BPFI) has announced.

Credit servicing firms are employed by owners of the loan to deal with the borrower on their behalf.