Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I am aware that not all loan owners - non-bank lenders, in particular - offer a fixed rate option, which can be a very attractive one for many borrowers. We have seen the run rate recently. Approximately 92% to 93% of new mortgages being issued in Ireland are fixed-rate in nature because it gives certainty to the borrower about the nature and the level of their repayment for a period of time. It is the case under the CCMA that the mortgage creditor has to explore all of the options for an alternative repayment arrangement offered by that lender, that the Central Bank has to ensure that such an assessment has been properly done, that every possible repayment arrangement is being explored, and that the most appropriate one is being offered to a borrower in these circumstances. There is an appeals process in place also to address that issue.

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