Residents from Northern Ireland who are working in the South of Ireland are being refused mortgages, Sinn Fein has claimed.

MEP Martina Anderson said residents are being declined due to aspects of the new Mortgage Credit Directive.

She said: "The directive has introduced a new category of 'foreign currency loans' which means Northerner residents working in the South have their applications classified as a foreign currency mortgage due to the different currencies making approval extremely difficult.

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"Ironically, the Directive was designed to ease the provision of mortgages across frontiers but in fact it's achieved the exact opposite.

"While the Directive does not prohibit lenders from providing a mortgage and some providers are continuing to do so, it is now a commercial decision based on the risks associated with currency fluctuation and a number of other cost factors as to whether or not a mortgage is approved.

"Many lenders are simply refusing to accept sterling applications because of the burdensome administrative procedures involved. Irish people should not be punished or denied the opportunity to own their homes because of an artificial border.

"Sinn Féin will continue to work to ensure that all impediments to a fully functioning all-Ireland economy are broken down."

(CD/LM)