Irish Times

Irish Times mention Irish Mortgage Brokers in article about renting

We were quoted in a this piece by Aoife Valentine of the Irish Times which was an interesting article about the situation renters face.

When discussing the rising age of first time buyers she quoted us as we mentioned that “this is something that’s become very obvious to mortgage broker Karl Deeter.

“When I started working in lending in around 2003, people in their 20s were borrowing. Nowadays, your typical applicant is no longer 24 to35, they’re 30 to 40,” he says.

New mortgage lending rules issued by the Central Bank in January say that first-time buyers may borrow only 3-and-a-half times their gross annual income, and they must save a 10 per cent deposit on the first €220,000 of the value of the property and a 20 per cent deposit on any higher value.

Deeter believes these rules are now having an effect on who gets on the property ladder.

“What the deposit rules have done is keep people in the rental sector when they otherwise would have been …

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Newstalk: Pat Kenny & Karl Deeter discuss ‘rent certainty’ and construction

Pat Kenny had Karl Deeter of Irish Mortgage Brokers on his show to discuss ‘rent certainty’ and some aspects of construction as well as why they are both concerns for the Irish housing market.

The issues are important for both sides, prices affect different sides of a contract differently and large swings can be damaging to one or the other of them. The answer in Karl’s view is longer leases which requires no legal changes, but this is not being discussed.


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blind justice

Pre-emptive insolvency, the time is now.

A headline today caught our attention, it was about an injunction to have an insolvency solution honoured.

Personal insolvency is a legislation backed process (unlike informal debt deals) and for this reason you can’t unilaterally decide, as a creditor, to opt out of one that is already in existence.

What is interesting at this point in time is that many of the applications we track in the courts when gathering possession statistics are about applications for change of name of the plaintiff. This occurs when loan books are being sold and the proceedings are being altered to reflect the new owner.

There is considerable confusion even within the courts because of this and it may be a case that a person could use this as an opportunity to seek personal insolvency because in the midst of this there is a lower level of likelihood that loan buyers will engage in the process.

Failing to do this means they lose …

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Newstalk Sunday Show: A discussion on the ‘Tsunami of repossessions’ that hasn’t arrived

On Newstalk’s ‘The Sunday Show’ Shane Coleman spoke to Karl Deeter (of Irish Mortgage Brokers) and David Hall of the IMHO.

It was to cover the topic of repossessions and some research that had  been carried out by Karl Deeter and several others (Seamus Coffey, Economics lecturer in UCC, Brendan Burgess of and Simon Farrell, researcher) about what occurs in courts during possession hearings.

The debate was robust and lively.

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Drivetime RTE: Karl Deeter on pan-European Mortgages

In this piece on RTE’s flagship evening show ‘Drivetime’ Karl spoke about how mortgages being ‘cross boarder’ may not result in better prices for Irish consumers any time soon.

Obviously it would be great for the broker industry who are the natural distributors of such products, but there are many other factors at play including the largely under utilized Insurance Mediation Directive.

The piece finishes with some thoughts on rent control (or ‘certainty’) which are being suggested by Alan Kelly.

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rent control

‘Rent certainty’, it’s false promises based on false premises…

The Labour party aren’t fooling anybody with their calls for ‘Rent Certainty’ to be linked to the consumer price index (CPI), unless the nation is populated by financially illiterate people which I don’t believe to be the case. That is why it is correct of Fine Gael to resist measures which have already proven to be ineffective countless times in Europe and elsewhere.

We can take the sabre rattling of foreign investors saying they won’t buy here if we price fix as a given, and we can discount much of the clamour from the usual vested interests in property and instead focus on the economic facts (and fallacies) as they stand.

Firstly, why is it such a con-job? The main reason is that housing is only one aspect of what creates the ‘consumer price index’ and therefore it’s like basing the price of oil on the same thing, you can’t imply the cost of a specific item on the cost of a basket of consumables which are not related.

Correction, you can do whatever you like, it just doesn’t make …

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2015 Mail on Sunday, myth of repossessions

Mail on Sunday highlight some of our research from the courts

Bill Tyson was writing in the Mail on Sunday and highlighted some of the research we have helped to carry out on the courts around Ireland when it comes to documenting repossessions.

We were pleased to see this get coverage that wasn’t driven by emotive bylines and rather considered the facts as presented.

Click on the image below to see the full size version

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Podcast: How to get cheap insurance with Darragh Farrell, episode 00003

In this podcast we briefly looked at how to get cheap insurance. The amount of people who overpay for insurance is high in our opinion, and while it’s great that some folks seem to want to do all they can to make insurance companies profitable, we don’t agree with that so we spoke about ways to chop your bill down while keeping the same cover.

Darragh Farrell has been with us for almost a decade and has been a financial advisor for far longer, he holds his QFA and is also the person who heads up our sister site which is purely about financial services.

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DEW 2015

Dublin Economics Workshop: another century in 300 years of Dublin house prices

We were very pleased to see a joint paper by Karl Deeter (Irish Mortgage Brokers) and Frank Quinn (Blackrock Further Education Institute) featuring in the 38th Dublin Economics Workshop.

This was Karl’s fourth year in a row presenting at the conference- although this time his presentation was on court statistics in possession hearings, Frank took care of the property paper on his own. Above is a picture from the day.

Further commentary on the court findings will be released soon.

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Renters want to have their cake and eat it

Tenants don’t actually want ‘rent certainty’

This post is written by Karl Deeter in a personal capacity.

I help to manage about 20 tenancies in different buildings, and lately we have been operating a new agenda which is very simple.

We offer leases of between 2 and 5 years. A two year lease comes with no rent review, a five year lease comes with a review in year 3 with a contractual clause that the rent cannot go up or down by more than 10%.

According to the commentary on what tenants want you’d think that people would be jumping at the bit for such terms and conditions? Think again, it has almost universally fallen on its face.

While there are people affected by rising rents, what they don’t seem to want is the time commitment that goes with a lease of longer than one year. Why is this? What is the trade-off?

We do ask why it doesn’t suit and get different answers, some people want to buy a house or don’t know if the will stay in their current job, others just ‘prefer’ one …

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