Yesmortgages grows Irish presence

Sub-prime distributor yesmortgages is stepping up operations in the Republic of Ireland following its pilot launch there in 2006.

The distributor, which is owned by c2-financial directors David Wylie and Justin Caffrey, launched last year to compete in the Irish sub-prime market, previously served by only two lenders – GE Money and Start Mortgages.

It is now increasing its sales force, creating a Dublin-based administration team and doubling the size of its premises.

Wylie, managing director of yesmortgages, says: “The growth in Ireland is phenomenal and there is a need for sub-prime products. Irish households have high levels of debt and equity but mainstream lenders are risk-averse so consumers with credit indiscretions face exclusion.”

In January, Merrill Lynch and Irish Life & Permanent formed a joint venture to launch specialist residential mortgage loans in the country.

Wylie adds: “Diversification will drive innovation.”