The Irish mortgage lender Bank of Ireland have decided to withdraw their entire range of sub-prime mortgage loans from the housing market. The lender has contacted a variety of mortgage brokers to confirm the decision.
The Bank didn’t actually fund and underwrite the mortgage loans themselves, since earlier this year they made an agreement to refer all sub-prime business to Kensington Mortgages, a popular sub-prime mortgage lender in their time.
However, Kensington themselves have decided to withdraw from sub-prime mortgage lending, and the knock-on effect has been the Bank of Ireland making a similar decision, largely due to the current state of the mortgage market .
The Bank of Ireland were clear that the company would continue to offer other mortgage loans as normal, and the decision only affects their sub-prime range.
Bank of Ireland withdraws sub-prime mortgage range
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Bank of Ireland withdraws sub-prime mortgage range
Tue, 27 Nov 2007
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