Sunday Independent: We must speak to banks in language they understand and make them pay price

This is our article that appeared in the Sunday Independent when Karl Deeter was covering a column for Charlie Weston on the 5th of November.

We need to speak to banks in the language they understand, not the language they ‘tell us’ they understand, but the actual language they speak. That language is the language of money.

The ongoing tracker scandal doesn’t cover many of the mortgage holders who lost trackers – many banks took them away from landlords as a part of granting them longer interest-only periods and with some of the biggest institutions these borrowers aren’t covered.

While some may have a hard time feeling pity for landlords, I would remind them that you can’t delight in their financial pain then scratch your head when they jack up rents and squeeze tenants for all they can in order to pay the new higher cost of lending.

Banks are as big a cost to this country as many aspects of public health, we spent more bailing out banks than we did on curing cancer in the last eight years.

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Central Bank whistle-blower line unmanned

We were asked to comment on a finding by Charlie Weston in the Independent about the fact that the private disclosure (or ‘whistle-blower’) lines in the Central Bank don’t work. After the newspaper highlighted this they took action, but we were not impressed that this was only found out through the work of a journalist.

The comment we offered was very clear (below).

Compliance officer with Irish Mortgage Brokers Karl Deeter said it was not good enough that the whistleblower phone line was not being answered and emails not getting a response. “Imagine if you called 999 to report a crime and no-one answered. What would you think of our police service?”

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Central Bank rule changes discussed on Today FM’s ‘The Last Word’

We were part of a panel discussion with Matt Cooper on the ‘The Last Word’ the day the Central Bank rule changes were announced.

The panel consisted of Charlie Weston from the Irish Independent, Brendan Burgess from AskAboutMoney.com and Karl Deeter of Irish Mortgage Brokers.

There were differing views where the for/against was clearly laid out and the concerns about whether it’s a good idea.

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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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Are investment property owners ‘hard pressed’?

PTsb are going to take away investors tracker mortgages unless they go to capital and interest payments, that story was broken by Charlie Weston in the Independent today. That is a business decision by them, but for the business affected (landlords) it creates a new problem.

How can they do this? Isn’t it part of the new rules that banks can’t take your tracker from you? Yes and no, if you bought a property as an investment you are not covered by the Consumer Credit Act 1995 (you are not acting as a consumer) or the Code of Conduct for Mortgage Arrears. So any renegotiation can result in the loss of a tracker, staying on interest only (if you are with Ptsb – and others will follow suit) will require moving to a variable rate.

We’ll look at a standard example: Take Joe, he is married and earns €45,000 p.a. and his wife Kate makes €30,000 they bought an investment property with their SSIA’s (€30k deposit on a property for €300,000 in 2006). …

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Marian Finucane Show: Interest Rate Guide

Last Saturday Charlie Weston (award winning Personal Finance editor with the Irish Independent) Karl Deeter (of Irish Mortgage Brokers) were on the Marian Finucane show on RTE 1 (audio here), during the show Karl mentioned a file with mortgage rate information on it that you could download. The file was a mid-sized pdf but they don’t embed easily in the existing site for the show so we are posting it on our site and RTE Will link to it instead.

The file in question is here or you can click on the image to the left, if you have any questions feel free to call us at the number which is at the top of every page on this site.

Thanks for listening and for your enquiries, we were delighted to have a representative from our firm on such a big show, we are huge fans and we hope our opinions …

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Want bad advice? Pop into your local bank branch.

We felt that this story was worth reproducing in full, it is from today’s Independent, via their award winning Personal Finance editor Charlie Weston. This clearly lays it out in our opinion: getting advice in your local bank branch is perhaps the worst option available, and that puts the value of an independent broker in the light we always aim for, one of being on the customer side, the recent Sunday Times article (three posts before this) demonstrated that in a cost comparison analysis that even the Regulator themselves couldn’t get the prices brokers are able to obtain for their customers! Tuesday December 08 2009

IF you want bad advice, then pop into your local bank branch.

That is the clear message from the latest set of case studies released by Financial Services Ombudsman Joe Meade.

Mr Meade has performed an enormous service for consumers by exposing yet again the shady practices of banks, in particular, when people seek advice.

His report is shot through with examples of consumers, particularly older ones, …

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