The Government is to publish legislation to protect customers whose mortgages are sold to unrelated entities before the end of this year.

Fine Gael TD for Meath East, Regina Doherty, welcomed the news and said the legislation will rectify the "unacceptable situation" where mortgages are sold to entities not regulated by the Central Bank.

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She said: "The Department of Finance has sought the views of the public on this issue and I welcome the fact that the outcome of this consultation will be new legislation to protect mortgage holders.

"This became a serious issue earlier this year when former Irish Nationwide mortgages were sold to an unregulated entity and therefore offering little protection to borrowers."

(CD/JP)