The 54,000 borrowers are out of a total of 80,032 accounts held by non-bank non-lenders (NBNLs) – who don’t originate loans – and whose rates have shot up in line with recent interest rate increases by the European Central Bank
It added another 0.25 per cent to baseline rates this week – its ninth increase in 12 months.
In comments to The Irish Times, Minister for Finance Michael McGrath upped the pressure on lenders to accept switchers. “Banks should never have sold these loans. They have a moral responsibility to purchase these mortgage loans and provide a clear pathway for these borrowers to re-enter the mainstream mortgage market.”
Brian Hayes, chief executive of Banking & Payments Federation Ireland , insisted that “all lenders in the Irish market are open to switching”. Sinn Féin also said the onus is on the Government to provide mortgage interest relief to support households amid the rise in interest rates and the issue of borrowers whose loans are with NBNLs.
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