Today FM: The Last Word on mortgages

Matt Cooper from ‘The Last Word’ had Charlie Weston (Irish Independent) on his show along with Karl Deeter to discuss mortgages, loan rates and some of the developments that are starting to happen in the marketplace.

Some of the main points of interest were that switching is available again, rates are likely to lower and that some lenders are coming out with longer term fixed rates.

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Newstalk Lunchtime: Pre-fabs for the homeless?

Jonathan Healy of Newstalk’s ‘Lunchtime’ show spoke to us about the idea of putting homeless people into ‘pre-fab’ buildings. Our general view is that housing the homeless is important, not only economically, but socially as well, if we accept that in civil society we have certain obligations and responsibilities towards each other then it’s a simple answer, house people. But when it comes to how you house them pre-fab’s are not the answer, regular housing is.

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RTE Drivetime: ‘Talking Money’ to buy or not to buy a property?

This week on RTE Radio 1′s ‘Drivetime’ our regular Monday edition of ‘Talking Money’ covered the issue of buying a home. Many first time buyers are starting to feel pushed into the home buyer cohort when they have other options such as renting or buying in a cheaper area, this can make a huge difference and we outlined some of the costs and concerns.

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KBC

KBC launch a ‘quick approval’ process

For a while we have seen competition starting to heat up a little in the mortgage market. Several moves recently have started to demonstrate this further, Bank of Ireland have their ‘pay you to borrow from us’ campaign, KBC had a ‘pay you to switch’ along with rates that beat everybody else.

Now they (KBC) have launched a quick approval process which aims to cut down the time it takes to get approved which at it’s worst was taking up to four weeks with some banks. This is only for an approval in principle, which isn’t worth much (not like a loan offer is) but it is the first step in the mortgage process in terms of getting meaningful feedback from a lender.

They have a first time buyer 1yr fixed rate of 3.5%, short term fixed rates are where banks tend to go to attract business as the first year costs are what many buyers are fixated on rightly or wrongly.

There is one bank rumoured to be considering a return to brokerage, another who shut operations considering re-opening …

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Irish Times vs Irish Independent

Independent vs Irish Times

Sometimes it’s interesting to see how two different papers cover the same story.

Here is the Irish Times talking about how crowds failed to materialise at a property sale in Swords.

And then the Indo follows stating that nearly all of the houses sold.

Granted, they were filed on two different days and the Times couldn’t have known the level of sales, but they did point out the crowds didn’t arrive, the rational deduction being that there was ‘no rush’ to buy the homes. The Indo pointed out that 45 of 53 properties sold, that’s almost 80% of what was available in a day or two.

So is there a rush on for these homes? Yes, because 80% of anything with a price tag of a quarter of a million Euro never sells that quick when we don’t have a supply side issue – something Conor Skehan of the Housing Agency is lording over the mere mortals Read More

Compound interest

This video explains the upside and downside of compound interest. This is one of the fundamental lessons in understanding money, and although it’s ‘back to basics’ there is nothing wrong with repeating the primary lessons to aid retention.

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Sun front page Room with a queue

Boom or bubble and will it bust or burst?

This is a piece that Karl wrote for the Irish Sun, it relates to a piece that was the lead story for the paper last week.

(Begins)

There is a lot of talk that we have a ‘property bubble forming’, with virtually no supply, a growing population and a trend towards smaller households as things like separation and divorce become more common, it simply lacks ‘bubble’ qualifications.

But it does have ‘boom’ written all over it, we have had many such booms and busts in Irish history, I have spent much of the last two years researching just this very thing with Frank Quinn from Blackrock College of Further Education.

We have had many price rises and falls in the last 300 years, often we saw that after a crash the next boom would result in overcrowding because back then, as now, supply became ‘short’ in the areas that it was needed.

A boom is about rapid price appreciation, it doesn’t mean you have a bubble. You could have the price of anything boom and there wouldn’t be a bubble, …

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Newstalk: Catastrophic recovery, Lunchtime’s Jonathan Healy speaks to Irish Mortgage Brokers

The idea of a ‘catastrophic recovery’ is one where in getting better there are many victims, we feel that’s an appropriate description for the Irish property market as it bounces back.

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