In the past few months there have been a number of very high profile exits from the Irish Banking Market. With both KBC and Ulster Bank leaving, this means that there will be a significant reduction in competition in the mortgages space. KBC & Ulster had ~30% of the market between them, so it’s a very large hole that is left by their departure.
So, who is left? It leaves us primarily with 2.5 main Banks. AIB and Bank of Ireland are the two Gorillas (or dinosaurs) left. They have a massive 60%+ share of the market. This would point to the Irish market being highly uncompetitive as very few developed countries would have two Banks with such a massive market share. Both AIB and Bank of Ireland have a very chequered history and do not have a reputation for good customer service, competitive pricing or technological innovation.
There are however some other mortgage providers that are stepping up to the plate that you may not have heard of. The main one being Finance Ireland. They operate in a very different manner than AIB and BOI. They don’t have a nationwide branch network and they don’t take deposits. They are specialist lenders and provide loans, commercial finance and mortgages. As they don’t have a branch network, they sell through their network of brokers – of which Pangea Mortgages are one of the highest rated.
By not having a major branch network, Finance Ireland can run their business more efficiently and pass on these cost savings in the form of lower mortgage rates. For example, they outperform BOI and Haven (AIB) across almost all mortgage rates. See here.
They are the market leaders for self-employed applicants or those who may have had missed payments on things like credit cards previously. In addition, they also have 10,15 and 20 year mortgage rates (neither AIB or BOI can compete here) and were the first to bring these to market in Ireland.
Finance Ireland only work with leading mortgage advisors like Pangea Mortgages, they have fast turn around times and a digitally enable application system. Their mortgage rates start from 2.25%. You are not tied to having a current account with them and won’t be lumbered with the slow process that the traditional Banks will make you go through.
First time buyers, switchers, trader uppers can all benefit from using Finance Ireland. Their streamlined mortgage broker application system takes the frustration out of a mortgage application process. They also have a very useful online mortgage tool.
With Covid-19, many people have been examining if they need more space, be that a new property or a new kitchen, extension etc. Finance Ireland will allow you to utilise some of the equity built up in your home to fund home improvement works you may want to do. Contact Pangea Mortgages to find out more.
Finally with many people now having built up substantial cash savings, Finance Ireland offer market leading rates for investment properties. They will offer substantially lower rates than the main 2.5 Banks and a much easier and faster process. Talk to your leading mortgage advisor Dublin – Pangea Mortgages – to find out more about investment property mortgages.