Equity release for people over 60

There is a growing need for equity release for people who have properties with a lot of equity but who also don’t have money or an income to sustain them. This is often the twin forces of property prices that have risen so strongly in the last 30 years coupled with greater financial needs or low pension provision.

In this video some of the details are described and mentioned by David Brady of Spry Finance.

Spry Finance Q&A from Seniors Money on Vimeo.

Some points worth noting are that at times you may borrow money and make no repayments and this creates a reverse amortization or ‘growing loan’ effect. That said,  you can also pay the interest and in that case the loan doesn’t grow.

Equity release loans are underwritten on the borrowers age and the value of the property, because there isn’t an expectation of repayment you don’t have to qualify for the loan based on earnings the way you would with a regular mortgage.

To find out more you can make an enquiry …

Read More →

Newstalk features Irish Mortgage Brokers

We were asked to discuss the idea of a continuation of an eviction ban on Newstalk the other week. The article they wrote and the radio segment are here. The issue with many types of ‘bans’ or ‘prohibitions’ is that they don’t work. Some we do in spite of this such as the prohibition on hard drugs like heroin, yet despite this drugs are regularly available in prisons in most of the same countries which have these bans, and I think we can all agree that prisons are one of the most controlled environments in civil society.

The problem of this when it comes to housing is that you could then have people who are expecting to move into a house or who want to sell a house and they inadvertently become victims of policy, these are real people living real lives and in taking sides on the side of the person who is renting a home we forget about them with the defense of ‘what about homelessness’.

The good news is that most of the people who move …

Read More →

Talking property and mortgages on the radio

We were glad to chat with Wendy Grace on Spirit Radio about mortgage switching and the time it takes to get it done.

Our view is that the biggest enemy to most people isn’t rates or delays, it’s inertia, so getting on top of your finances is key.

Talk to a broker today! Don’t walk by massive savings, there are still great deals to be had.

Read More →

Obtain a loan of up to 4x your income

The European Central Bank set a ceiling in 2015, allowing borrowers to take out loans from lenders who wish to lend them up to 3.5x their income. However, the ECB recently declared that as a borrower, you may request 4x your income. The loan-value caps will remain the same as before the change, so first-time buyers will be able to borrow 90% of the property’s value, while second-time buyers will be able to borrow 80% of the property’s value.

One unique suggestion received by the ECB was that borrowers earning less than €60,000 be able to obtain a loan of up to 4.5x their income. After the rate crash, the mainstream banks removed development lending. Thus, smaller builders needed alternative finance providers to realize some projects because the extent of the limits was affecting them. Clients now have their own criteria for obtaining a mortgage due to domestic inflation (which was 8.6 percent in September), rising cost-of-living crises, and rising interest rates on loans.

ICS Mortgages, a non-bank lender, tightens its loan acceptance criteria. So, if you take a loan …

Read More →

How Open Banking and API change the way you bank

The United Kingdom introduced open banking legislation in 2018 to support and improve the loan system. Prior to this legislation, the loan application and paper processing took a long time to check and complete. As a result, the mortgage lenders made a lot of money thru open banking because it makes working with loans easier and lowers administrative costs, they also do not have to select data points manually. It also encourages the transition from traditional banking to online banking. But what exactly is “open banking?” It means that banks are permitted to disclose information about a customer’s financial data to third parties.

However, not all businesses agree that automating work processes is a good idea. Nine out of ten knowledge workers who analyze this believe that automatic work has enhanced employees’ work lives. The standardization process helps you minimize errors, save time, which in turn allows you to reduce costs and increase productivity and efficiency.

Our world is becoming more fast-paced and more technological so you must keep up with the progress. A lot of companies use big data …

Read More →

What you need to know about ECB’s raising interest rates

The European Central Bank raised interest charges more than what they initially announced. Over the past few months, the rates have increased by around 1.25%. The clients have not yet been reached by institutions including Bank of Ireland and Permanent TSB.

Customers have a lot of pain for the future because there are a lot of uncertainties. They now have to deal with high mortgage interest rates in addition to inflation, rising electricity and fuel costs. New customers face a direct problem because their five-year fixed rates increase by 2%. As a first-time buyer, you will receive a rate of 5.95%. Long-term fixed loans rise by 1.49% to 1.58%. (depending on size and running time). As a result, banks such as AIB, ESB, and Haven must raise their rates for new and switching customers. The current customers are not affected. Customers with tracker mortgages face an increase in interest rates due to contractual obligations. Some of the new customers must take an expensive rate, which means they must pay 240€ more than before the ECB increase.

If the AIB, EBS, …

Read More →

AIB Mortgages

AIB advertised their mortgages extensively. Therefore, the first thing you notice when you visit their website is a section on mortgages. They have an appealing and good structured website where you can find a calculator, make an appointment, and learn some information about your situation. A video about a couple who obtains a mortgage from AIB is also available. In this video, the clients explain how that works. They claimed to be extremely glad to accept the mortgage from this bank because everyone there is polite and helpful. AIB has professionals that can explain everything to you about mortgages and your options. They also have an App that gives clients a good overview. Additionally, the fact that clients can upload their documents from home makes everything simpler for them. You may find a wealth of general and situation-specific information on mortgages on their website.

AIB has a community spotlight on their website where you can watch a video about the important work being done for the local community and the advancement of the transition to a sustainable living. They …

Read More →

Increasing rates across the continent

According to a recent poll, Ireland’s average mortgage rate is 2.64%. This is only 0.01% higher than it was the previous month, when it was 2.63%.

Irish rates have decreased as the economies of the rest of Europe have gotten more expensive. With the release of these new figures, Ireland actually dropped out of the top five most costly Eurozone nations for the first time in five years.

Ireland’s rate of 3.10 per cent, is higher than the average rate of 2.21 per cent in the Eurozone. Still, Ireland’s rate is lower than it was a year ago: 5.95 per cent this time last year.

The average interest rate on Irish fixed-rate mortgages is 2.49 percent and 3.77 percent on an Irish variable-rate mortgage.

Ireland now has the Eurozone’s eighth-highest mortgage rates, trailing only Germany and the Netherlands. Households in these countries, on the other hand, tend to take out much longer-term fixed rates than Irish households (up to 20 years or more), which typically have higher rates.

The average interest rate across the continent is increasing. Latvia has the …

Read More →

Compare Mortgage Rates of Irish Lenders

The ECB will continue to raise the interest charges over 2% by the end of the year 2022. In 2023 it will be up to over 3%. If you are a first time buyer you must have 10% of the  whole house price. If you have more than 10%, your rates will be lower. There are a lot of products out there and you must have a look at which one is the best for you. There are  products for first time buyer, second time buyer, self builder and switcher. Some of them have  some special products like green mortgages or for renovator.  

The following companies were compared: Bank of Ireland,  Finance Ireland, Avant Money Mortgages, ICS Mortgages,  Permanent TSB, Haven, AIB, EBS. 

Bank of Ireland has a lot of offers when you get a mortgage. If you get your first mortgage with this bank, they will give you 2000€ for saving up. They also have a  cashback system, so if you take a mortgage there they will give you 2% cashback of the mortgage and 1% extra cashback if …

Read More →

The 10 Mortgage Lenders in Ireland

There are 10 mortgage lenders available in Ireland. These include (no particular order):

AIB Avant Money Bank of Ireland EBS Finance Ireland Haven ICS Mortgages KBC Permanent tsb Ulster Bank

Many mortgage holders qualify for a change of mortgage and could thus save significant amounts of money. It is important to compare your options before deciding on a mortgage. The central bank’s mortgage lending rules impose a limit on the amount of money a bank is allowed to lend.

Currently, Irish banks can lend up to 3.5 times a borrower’s annual income. Lenders may exceed the 3.5 loan-to-income limit for 20% of the total loan value in a calendar year. Lenders examine bank statements to understand a borrower’s ability to repay. You will be asked to submit six-month bank and credit card statements.

This post was written by Veronika Pluháčková who was a research intern at Irish Mortgage Brokers in May of 2022.

Read More →
  1. Pages:
  2. 1
  3. 2
  4. 3
  5. 4
  6. 5
  7. 6
  8. 7
  9. ...
  10. 233
← Older Entries