A new lender is set to offer cheaper mortgages as it enters the Irish market.
International bank, Investec, plans to become the first new player to enter the Irish market since the financial collapse in 2008.
The bank already operates here offering savings accounts and stockbroking services.
It’s been reported that it plans to offer variable mortgage rates that would be among the lowest in the market. It will also be hoped that the additional competition will force other banks here to follow suit.
It’s said the bank’s initial focus will be on Dublin’s rising property market. However, people who are currently on negative equity will be unable to move their mortgages to Investec.
The Irish Independent reported that the bank has a fund of between €250m and €350m, which would give it 10% of the new mortgage market.
Investec Ireland chief executive Michael Cullensaid: “Investec is always looking at opportunities to increase its footprint in the Irish marketplace, and as part of that regularly undertakes assessments of opportunities within the corporate and retail banking markets.”