Vol. 423 No. 8
25 Mr. J. O'Keeffe asked the Minister for the Environment whether he monitors the conditions attached to loan approvals issued by building societies; his views on whether these conditions are too onerous on borrowers; and, if so, the consequences thereof.
The conditions to be attached to loan approvals issued by a building society, or any other mortgage lender, are conractual matters between the lender and the borrower who would normally be acting with the benefit of legal advice. Subject to law, such conditions are between the parties concerned and are not matters to be monitored by the Minister. The current level of competition in the mortgage market should ensure that properly advised prospective borrowers are not subjected to unduly onerous conditions.
