Financial hit lowered operating profit almost 17% to €8.75m according to annual financial statement
Pepper Advantage Ireland, the mortgage services provider used by banks and investment firms, saw its operating profit fall last year as it took a €4.5 million hit for erroneously undercharging a group of mortgage holders on behalf of lenders.
Its client assets under management fell almost 2 per cent to €22.8 billion last year, leaving it with 130,000 residential, commercial and consumer loans. Pepper has been in the headlines in recent years for charging some of the highest mortgage rates in the Irish market after the ECB hiked its official lending rate from zero to 4.5 per cent in the 15 months to September 2023. The higher rates relate to loans acquired by overseas investment firms from banks in the wake of the financial crash.
The majority of customers receiving this initial reduction received decreases of between 0.35 and 0.5 of a point.
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