The Irish residential mortgage market is going through a period of significant change. To date, it has been dominated by the big four banks which have carried the majority market share. These are Allied Irish Bank, Bank of Ireland, Permanent TSB and Ulster Bank. Other key players in this market include KBC, Finance Ireland, Haven, EBS, and ICS. The recent announcement of both Ulster Bank and KBC to withdraw from the market in 2022 will potentially create new opportunities in this market.
New market entrants, including Avant Mortgages, have already entered selecting a primary distribution channel, through the intermediary broker network. This means that they deliver their products primarily through the Broker network. Finance Ireland are another key mortgage player that utilises the experienced broker network to recommend their different mortgage products. The benefit to these lenders of solely operating through the broker network is that they get to partner up with experienced financial advisors who can help householders choose the best mortgage for their needs. Customers who engage with a broker first can get greater options and choice of financial products than by sticking with their own bank who are constrained to offer their own products.