‘Mortgage companies discriminating against cross border workers’ – McKevitt

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Thursday, May 5th, 2016
SDLP Assembly Candidate Karen McKevitt has said that new financial rules being imposed by lending institutions are ‘blatantly discriminating against cross border workers’ when they refuse to take into account any income earned outside the UK when considering mortgage offers.
SDLP MLA Karen McKevitt

SDLP MLA Karen McKevitt

Speaking to Newry Times, McKevitt said, “Over the last couple of weeks I have been approached by a number of young couples who are struggling to get a mortgage because of some new guidelines companies are introducing. “I am advised that mortgage lenders are reducing to take into consideration any income eared outside the UK when considering mortgage applications. This impacts a lot of young people locally, especially those young people who work in the Republic of Ireland and live in Northern Ireland. “One example was that one couple, both in professional, full time, permanent posts could not get a mortgage because one of them was working in the South. The mortgage company will only take into consideration the income from Northern Ireland and not the south, despite the applicant being in a full time, permanent, public sector job.
Article continues below:
Mid April 2016“This is a very worrying development and will have serious consequences for many would be borrowers locally,” she warned. “I thought this was a one off, isolated incident but I have been contacted by a number of couples over recent days all with the same experience.” McKevitt added, “This is totally unacceptable and must be challenged. I have written to the Financial Services Ombudsman and the Minister for Finance and Personnel on the issue seeking urgent clarification on the law which governs this issue.”
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