FINANCE MINISTER MICHAEL McGrath has welcomed a ruling in which Pepper Finance was forced to give a lower mortgage rate to a borrower.
He says he hopes that fixed rates are offered more going forward, as many borrowers’ mortgages have been sold to vulture funds and managed by credit servicer firms. Tullamore Circuit Court ordered mortgage provider Pepper to give a cheap long-term rate to a couple seeking a personal insolvency arrangement.“I welcome the judgement. I believe that loan owners and mortgage providers should be offering fixed rate options to their borrowers,” McGrath told RTÉ Drivetime.“At present, under the code of conduct on mortgage arrears, the lenders are only required to consider the alternative payment arrangements from the suite of options they offer.
McGrath said: “I do think for some customers that certainty of knowing how much they will have to pay over the years ahead is very valuable.”“Hopefully we will see more such outcomes into the future.” Making a difference A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. For the price of one cup of coffee each week you can make sure we can keep reliable, meaningful news open to everyone regardless of their ability to pay.