Two new mortgage lenders are about to enter the Irish market providing more competition just as KBC and Ulster Bank prepare to leave.
The news comes as PTSB announced yesterday it was offering home loan customers discounts of 0.2% on five-year fixed rates for new and existing customers with a BER rating of A1 to B3.
The two new lenders - Dublin-based MoCo and a second unnamed institution - are currently going through authorisation with the Central Bank.
Mortgage broker Karl Deeter said: "There are still forces that are consumer positive in terms of pricing.
"Although you've got Ulster Bank and KBC leaving you have to remember their leaving wasn't because Ireland was a place where they could make no money.
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"And you've got new entrants coming into the market. There are two new entrants going through Central Bank authorisation as we speak."
MoCo aims "to fix what is fundamentally broken in the mortgage market by offering transparent mortgage products, efficient application processes, quick application decisions and up to date insights on the status of all applications."
Based in Dublin 7, the company who are subject to Central Bank authorisation will look to make mortgages more accessible by leveraging the latest digital technologies.
