Consumers body: IFSRA should ban 120% mortgages
27/07/2005 - 10:42:52The Consumers Association has called on the financial regulator to impose a ban on 120% mortgages before they are introduced by Irish banks and building societies.
Yesterday, the Irish Financial Services Regulatory Authority said it was not oppose the introduction of such products, despite describing them as "irresponsible".
It said it would not "stand in the way of a person's constitutional right to make mistakes".
Speaking about the matter this morning, Consumers Association spokesman said 120% mortgages were ridiculous and unrealistic.
"A 120% mortgage would be so difficult to police and for people to afford, so the regulator should take whatever moves are necessary to try to enforce a ban on such a loan," he said.
