The specialist lending market in the Republic of Ireland has been flagged as a “growth engine” for the next three years.
GE Money Home Lending head of mortgage marketing Gerry Bell urged brokers at the Mortgage Business Expo to make the most of cross-border market opportunities.
He said the specialist lending market in the Republic of Ireland could be a big opportunity for brokers over the next two to three years. Bell said the market was worth nearly £1bn in 2007 but believes that by 2009 it will triple to £2.98bn. He said there are only five lenders in the market – Springboard, Stepstone, NUA, Start Mortgages and Imagination at Work.
Bell also pointed to opportunities in the UK mainland and the overseas market. He said: “There are clearly opportunities beyond your own borders, depending on how you want to put an opportunity. You can look across the border at the Republic of Ireland and I think there is a vibrant market for non-conforming or specialist lending. There are a number of lenders there and it is a growing market.”