Irish home buyers lose out on deals for mortgages

The consumer watchdog is to examine if prospective house buyers may be losing out due to the lack of competition in the Irish mortgage lending market.

The Consumer and Competition Protection Commission (CCPC) has launched a consultation process aimed at putting in place a mortgage market which is “competitive, open to entry and serves the needs of consumers”.

In a report accompanying the launch CCPC points out that, according to research carried out by the Central Bank, the three main banks in Ireland currently control over 80% of the mortgage lending market.