Pearse Doherty (Donegal, Sinn Fein)
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304. To ask the Minister for Finance if credit services firms that manage mortgages for investors are required to apply a comparable interest rate as the bank the mortgage was bought from; and if he will make a statement on the matter. [9268/25]

Paschal Donohoe (Dublin Central, Fine Gael)
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The Government recognises the difficulties that the increase in interest rates in recent years has caused for some mortgage borrowers.

From a regulatory perspective the Central Bank has put in place a range of measures in order to protect consumers. This framework seeks to ensure that regulated entities are transparent and fair in all their dealings with borrowers and that borrowers are protected from the beginning to the end of the mortgage life cycle. This consumer protection framework provides the same protections for borrowers regardless of the regulated entity with whom they are dealing, be that a bank, retail credit firm or credit servicing firm.

Specifically in relation to variable rate mortgage holders, the Central Bank's Consumer Protection Code requires all regulated mortgage creditors to explain to borrowers how their non-tracker variable interest rates have been set and to clearly identify the factors which may result in changes to variable interest rates.

The Central Bank has engaged intensively with regulated firms on the operation of specific aspects of the consumer protection framework to ensure that regulated firms act in line with mortgage terms and conditions, firms’ published variable rate policy statements and the regulatory framework for which the Central Bank is responsible. Arising from this engagement, the Central Bank has previously indicated that regulated firms:

• have enhanced the supports available to borrowers in or facing arrears;
• have sufficient operational capacity in place to manage applications by borrowers to switch their mortgage or mortgage provider, and that there is no discrimination against borrowers based on where they currently hold their mortgage; and
• that changes in mortgage interest rates are in line with mortgage terms and conditions, the published variable rate policy statements of the relevant firms and the regulatory framework for which the Central Bank is responsible.

Also any person who is experiencing a repayment difficulty on their mortgage should contact their mortgage creditor to discuss the matter or also avail of the 'Abhaile' advice and assistance service available through MABS.