New mortgage lender to shake up market

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New mortgage lender to shake up market – ( Source Independent.ie)

Frank Money, founded by former Danske Bank executive Colin Cunningham, is aiming to shake up the stagnant mortgage market and pile pressure on other banks to lower variable rates, the Irish Independent has learned.
The Dublin-based operation is awaiting approval from the Central Bank, and has funding from pension funds.It comes just weeks after Australian group Pepper entered the mortgage market.
Frank Money will issue mortgages through brokers and expects to compete hard with existing lenders, according to chairman of the Association of Expert Mortgage Advisers Trevor Grant, who has been briefed on the new operation.”I understand the firm expects to be extremely competitive. We in the AEMA welcome any new lender coming in to shake up the market,” Mr Grant said.
He said the aim was to under-cut the existing lenders, but the moves last week by KBC Bank to reduce its rates for new buyers had changed the lending landscape.If it gets approval, the new lender would target new buyers and switchers, but especially those with large deposits, and switchers with equity in their current homes. ( Full article here )

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