Lenders set criteria for mortgage holders to switch lender
Guidelines designed to provide clarity for borrowers with credit service agencies seeking to switch
The country’s main bank and non-bank lenders have settled on an initial set of criteria to allow mortgage holders with credit service institutions to switch providers.
The Banking and Payments Federation Ireland announced on Wednesday that, under the body’s Dealing with Debt campaign, new guidelines will clearly spell out the eligibility criteria that must be met in order to change provider.
It comes just one week after Michael McGrath, the Minister for Finance, urged the banking industry and other non-bank lenders to demonstrate that they are “delivering for borrowers in difficulty”.