Jerry Buttimer (Cork South Central, Fine Gael)
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Question 20: To ask the Minister for Finance if he will consult with the Financial Regulator, in view of the protracted length of time it is taking to obtain a mortgage and negotiate the sale of a house, to examine if it is possible to oblige banks to extend beyond three months the period of validity of a mortgage offer; and if he will make a statement on the matter. [25277/11]

Michael Noonan (Limerick City, Fine Gael)
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The Central Bank does not regulate financial products, rather it regulates financial institutions. The Central Bank's Consumer Protection Code requires regulated financial institutions to act honestly, fairly and professionally in the best interests of their customers. In addition, a regulated institution must ensure that all information it provides to the customer is clear and comprehensible and that key items are brought to the attention of the customer. The method of presentation must not disguise, diminish or obscure important information.

A mortgage loan must be operated by the financial institution in accordance with the terms and conditions applying to the agreement between the lender and the borrower. Issues such as the period of validity of the mortgage offer to the borrower are a matter for the mortgage lender.