809. Deputy Edward Timmins asked the Tánaiste and Minister for Finance to review the mortgage restriction whereby when a couple are applying for a mortgage, the mortgage can be refused because of the age of the older partner even when the younger partner may have sufficient income and be of an age to service a mortgage over 20 years (details supplied); and if he will make a statement on the matter. [58169/26]

Within the financial services regulatory framework, there are certain requirements that regulated entities involved in the business of providing residential mortgage credit to consumers must meet.

For example, with a certain level of flexibility, lenders must comply with the Central Bank's macro-prudential measures for residential mortgage lending which apply certain loan-to-value (LTV) and loan-to-income (LTI) requirements in relation to residential mortgage lending.

In addition, the European Union (Consumer Mortgage Credit Agreements) Regulations 2016 and the revised Central Bank Consumer Protection Code requires lenders to assess the creditworthiness and suitability of a product or service based on the individual circumstances of the mortgage applicant or applicants.

The Regulations further provide that mortgage credit should only be made available where the result of the creditworthiness assessment indicates that the consumer’s obligations resulting from the credit agreement are likely to be met in the manner required under that agreement. However, there is nothing in the financial services regulatory framework which sets out a maximum borrower age in relation to the provision of mortgage credit.

Within this legal and financial services regulatory framework, it is then a commercial matter for individual lenders to determine their own lending policies and to make their own decisions on mortgage applications. As Minister for Finance, I have no function or role in such commercial decision-making matters by credit institutions.

However, the Central Bank has indicated that it expects lenders to be transparent and fair in all their dealings with borrowers and to protect them through fair assessment of mortgage affordability and suitability. Where a lender refuses a mortgage application, the lender must inform the consumer without delay of the refusal. Also the lender must clearly outline to the consumer the reasons why the credit was not approved, and provide these reasons in writing if requested.

From a financial services regulatory perspective if a consumer is not satisfied with how a regulated mortgage lender is dealing with him/her in relation to the handling of a mortgage application, or the consumer believes that the regulated firm is not following the requirements of the Central Bank’s codes and regulations or other financial services law, the consumer should make a complaint directly to the regulated firm. If the consumer is still not satisfied with the response from the regulated firm, he/she can refer the complaint to the Financial Services and Pensions Ombudsman (FSPO).

Outside of the financial services regulatory framework, businesses also have to comply with the provisions of the Equal Status Acts which prohibits unjustified discrimination on a number of specified grounds, including age. If a person considers that an entity is not complying with the equality provisions as provided for in those Acts, the person should make a complaint to the firm in the first instance. However, if the person is still not satisfied with the firm’s response, an equality related complaint can then be referred to the Workplace Relations Commission.