The company will continue to offer variable mortgages and fixed rate mortgages for periods shorter than 10 years, he said.
Finance Ireland relies on its 41 per cent shareholder, UK investment house M&G, for initial funding to write mortgages. It then typically refinances pools of mortgages in international bond markets, where the cost of funding has jumped in recent months. The move comes within months of ICS Mortgages moving to temporarily restrict new home loans to 2.5 times borrowers’ gross income, compared to the 3.5 times limit set by the Central Bank for most loans.
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