At last, some good news for mortgage holders
The intensification of competition amongst the banks on mortgages may finally represent a boon for borrowers. Most businesses, but particularly banks keep the score in money, your money; so getting some of it back would mark a pleasant reverse.
Irish people are notoriously reluctant to switch their mortgages but the crowded market place is producing innovations and offers which have enticed people to move and so inject new energy into the sector.
Permanent TSB sprang to match the cash-back offer for mortgage customers offered by Bank of Ireland.
Both banks will pay 2pc of the value of a mortgage to new customers, in a move that will mean a €2,000 lump sum for every €100,000 borrowed.
Lenders may baulk at the notion of giving cash-back in such a scheme but the good news is that they may now have no choice. The pressure on AIB/EBS, Ulster Bank and KBC may prove irresistible and this time it is the borrower who could be better off.