Frank Mortgages – had a bit of publicity last year when they were reported to be hoping to become a new mortgage lender in Ireland. Almost a year later – and no sign of any Frank Mortgages. – maybe they are still waiting for Central Bank approval before they can start lending.
Update – May 2017 : Frank Mortgage has withdrawn an application for authorisation as a mortgage lender by the Central Bank of Ireland.
The company is actually called Frank Money Limited and they were due to be trading as “The Frank Mortgage”.
The directors of Frank Money Ltd are listed as Colin Cunningham, Neil Fleming and Keith Waine . Two of them were recently involved with Danske Bank and the other was with Capita.
Two of the directors are also directors of Demense Capital Management Ltd – which is involved in Pension and Insurance products .
It is understood that it was proposed that home loans from Frank Mortgages would be available only through mortgage brokers and that their funding would come from pension funds.
Frank Mortgages said they were planning to offer lower rates than the major lenders to home owners who are borrowing less than 80% of the value of their homes.
They were probably planning on targeting borrowers who are switching lenders rather than those buying their first home or moving house. By doing this – they won’t be restricted by the current Central Bank rules on mortgage lending.
The Central Bank have an Authorisation Process for the approval of retail credit firms – which states that once all the information has been received , the outcome should be decided within 90 days (3 months).
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