Mortgage market set for shake up as new players poised to enter
It has been confirmed unidentified British mortgage lenders are taking a close look at the market. Abbey National and Halifax were two of the names mentioned, but they discounted any existing interest in getting involved here.
Bank of Scotland set the market buzzing two years ago when it undercut the then mortgage rates on offer to the Irish consumer. As a result the cost of mortgages fell by 0.5% and left the Irish players exposed. They claimed they were operating at full stretch and could not afford to lower rates as margins were already pared to the bone.
