Building Societies
Mortgage lenders provide housing finance to domestic borrowers. Access to mortgage finance has enabled many Irish people to buy their own homes. Over 110,305 mortgage loans were issued in 2008 worth over €23 billion.
Ireland’s mortgage lenders are represented by the Irish Mortgage Council (IMC), which is affiliated to IBF.
IMC is the representative body for mortgage lenders in the Republic of Ireland. Membership comprises twelve financial institutions.
Mortgage lenders are not restricted to Bulding Societies only; the list below also contains the main Irish banks. They do however, need a special mortgage intermeditiary license to offer mortgages
The Irish Mortgage Council was established at the beginning of 2003. Before the establishment of IMC, both the Irish Mortgage & Savings Association and the Irish Bankers' Federation, which were affiliated organisations, represented Irish mortgage lenders. The setting up of the IMC means that the mortgage lending interests of the members of the IBF and the old IMSA will now be represented by the new industry body.
The objectives of the IMC include the following:
- the promotion of high standards of mortgage lending,
- the development of industry views on areas of common interest, particularly in terms of regulation and legislation affecting housing and housing finance,
- ensuring that the relevant national and European authorities are made aware of these views,
- assisting in the development of market data,
- the general representation of member institutions' interests.
Given its origins in the Irish Building Societies Association (IBSA) and subsequently the Irish Mortgage and Savings Association (IMSA), the Irish Mortgage Council continues to be the contact point for queries arising in respect of either of those organizations.
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