A new mortgage lender is to enter the Irish mortgage market for the first time in five years as Investec prepares to launch in the nation.
The international bank, which offers mortgages in the UK under both the Investec and Kensington brands, already offers savings and stockbroking services in the Republic of Ireland and will now add mortgages to its portfolio.
It will be the first new lender to enter the market since 2008 and will initially concentrate on the Dublin market, which is experiencing a surge in house prices.
Properties in the Irish capital are now worth around 8% more than at the same stage last year, although the typical house is still worth around half its pre-crash value.
Newspapers in Ireland report that mortgages will be distributed solely through brokers and that the lender hopes its operation will be running by the end of the year.
