Mortgage Credit Intermediaries

A Mortgage Credit Intermediary is authorised under the European Union (Consumer Mortgage Credit Agreements) Regulations 2016 to:

Present or offer credit agreements to consumers
Assist consumers by undertaking preparatory work or other pre-contractual administration in respect of credit agreements
Conclude credit agreements with consumers on behalf of a creditor

Mortgage Credit Intermediaries may also be authorised to provide advisory services (i.e. the provision of personal recommendations to a consumer in respect of one or more transactions relating to credit agreements).

A person, other than a credit institution or a person admitted to carry out credit intermediation activities in another EEA Member State, shall not carry out mortgage credit intermediary activities or provide advisory services unless:

He/she is the holder of an authorisation granted for that purpose by the Central Bank; and
Holds a letter of appointment in writing from each undertaking for which he/she is an intermediary.

Mortgage Intermediaries

A Mortgage Intermediary licenced under the Consumer Credit Act 1995 ('the CCA') is a person (other than a mortgage lender or credit institution) who, in return for commission or some other form of consideration:

(a) arranges, or offers to arrange, for a mortgage lender to provide a consumer with a housing loan which falls outside the scope of the European Union (Consumer Mortgage Credit Agreements) Regulations (such as equity release products), or

(b) introduces a consumer to an intermediary who arranges, or offers to arrange, for a mortgage lender to provide the consumer with a housing loan.

It is an offence for a person to engage in the business of being a mortgage intermediary unless

He/she is the holder of an authorisation granted for that purpose by the Central Bank; and
Holds a letter of appointment in writing from each undertaking for which he/she is an intermediary

Frequently Asked Questions for Mortgage Credit Intermediaries / Mortgage Intermediaries

Please note that the following is for guidance purposes only.

What are the European Union (Consumer Mortgage Credit Agreements) Regulations 2016 ('the Regulations')?

The Regulations transpose Directive 2014/17/EU on credit agreements for consumers relating to residential immovable property into Irish law.

The Regulations apply to;

"(a) a credit agreement which is secured by a charge, a mortgage or by another comparable security commonly used in an EEA Member State on residential immovable property or secured by a right related to residential immovable property, and where the person to whom the credit is provided is a consumer; and

(b) a credit agreement the purpose of which is to acquire or retain property rights in land or in an existing or projected building, and where the person to whom the credit is provided is a consumer."

Are there any transitional arrangements in place for entities authorised as mortgage intermediaries under the Consumer Credit Act, 1995?

Entities holding an authorisation as a Mortgage Intermediary under the Consumer Credit Act, 1995, as at 21 March 2016 are deemed to be authorised under the Regulations to engage in the activities of a 'Mortgage Credit Intermediary', as defined in the Regulations, for the remainder of the period for which the mortgage intermediary authorisation is valid. Such entities will not be required to comply with any additional requirements imposed under the regulations until 21 March 2017.

Do I require an authorisation to become a mortgage credit intermediary and/or mortgage intermediary?

It is an offence to engage in any activity outlined above without being authorised by the Central Bank.

How do I apply for authorisation?

Further details on how to become authorised are included under Authorisation Process

Does my mortgage credit intermediary / mortgage intermediary authorisation allow me to engage in any other financial services activity?

A mortgage credit intermediary or mortgage intermediary authorisation only entitles the holder to engage in mortgage credit intermediary / mortgage intermediary business as outlined above. If you wish to engage in any other type of financial service activity, for example deposit broker, insurance intermediary, or investment intermediary you will need to apply for a separate authorisation.

It is the responsibility of the person who wishes to engage in a particular financial service activity to ensure that he/she holds the correct authorisation to do so and to ensure that he/she is fully compliant with all other applicable regulatory requirements. The Retail Intermediaries Application Form is available in Authorisation Process.

Does my mortgage credit intermediary / mortgage intermediary authorisation allow me to operate in other EEA Member States?

Entities/persons authorised under the Regulations as mortgage credit intermediaries may 'passport' their services into other EEA Member States, subject to a notification process and provided that the activities the mortgage credit intermediary intends to carry out in the host EEA Member State are covered by its authorisation.

Furthermore, a holder of a Mortgage intermediary authorisation granted under the Consumer Credit Act, which is deemed to be authorised under the transitional arrangements contained in the Regulations, shall not act as a Mortgage Credit Intermediary outside the State at any time before 21 March 2017 unless the intermediary satisfies the necessary legal requirements of the host EEA Member State.

There are no equivalent provisions in the Consumer Credit Act, 1995, allowing entities/persons authorised only under that Act to 'passport'.

How will I know if my application for authorisation has been received by the Central Bank?

The Central Bank will send an acknowledgement by e-mail within three days of receipt of all applications.

Do I need any qualifications to become a mortgage credit intermediary / mortgage intermediary?

Details of the qualifications and/or experience required can be found in the Minimum Competency section of our website.

If I am authorised as a sole trader and want to set up a limited company, can I transfer my authorisation to the limited company?

An authorisation is not transferable. If you wish to be authorised as a different type of legal entity, you will need to make a full new application to the Central Bank.

Do I need to notify the Central Bank of Ireland if I get additional letters of appointment from a mortgage lender or intermediary?

You are required to notify the Central Bank of any additional appointments you obtain, and to return your original authorisation certificate to the Central Bank for amendment.

Do I need to notify the Central Bank if my appointment from a mortgage lender or intermediary is withdrawn or terminated?

You are required to notify the Central Bank if any appointments ceases, and to return your original authorisation certificate to the Central Bank for amendment.

What do I need to do if I want to cancel my authorisation?

If you wish to cease acting as a mortgage credit intermediary and/or mortgage intermediary, you will need to complete an Application for Revocation of your authorisation (available in the Revocations Process section and return your original authorisation certificate to the Central Bank. Contact [email protected] if you have any queries

Have you any other queries?

Contact [email protected]