A joint venture set up by Irish Life & Permanent and Merrill Lynch has begun offering products in the mortgage market.
Springboard Mortgages is targeting the specialist mortgage market, which caters for people who have problems securing loans from traditional banks or building societies. This can include people who have irregular income or have had problems repaying loans in the past.
Shane O'Sullivan has been appointed CEO of Springboard. Mr O'Sullivan has previously held senior marketing positions with Permanent TSB, Ulster Bank and Bank of Ireland.
He said the specialist market was growing, and could account for up to €4 billion of loans in the next four to five years.
