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 …

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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, …

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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 …

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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 …

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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 …

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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.

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Mortgage rate offerings in Ireland

There are two main types of mortgage rates in the Irish market, a fixed mortgage rate and a variable mortgage rate. Lenders have focused on offering more favourable offers of fixed-rate mortgages.

Currently, all of the top 24 mortgage deals on the fixed rate market has an APR of less than 2.7%. As a result, more than 80% of new mortgages are currently fixed rate mortgage deals and people will almost certainly be better off with a fixed rate mortgage. This is the downside of a fixed period. The rate available to you will depend on the size of the loan you need divided by the value of the home. The lower the value of the loan (LTV), the cheaper the rate is. It’s a good idea to talk to a broker or mortgage sash and choose the lender most likely to approve you. Mortgage advisers are usually free to use because their creditors pay them commission. So working with a broker often gives you access to better rates.

Mortgage rates: AIB Group: Variable rates 90% LTV mortgages from 3.15% …

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The Economy of Czechia

Czechia is an advanced country that ranks among the countries with the most developed economy in the world. Czechia is a member of the OECD (Organisation for Economic Co-operation and Development). It is based on industry and services (60%), agriculture and other primary production.

The main industries are automotive manufacturing, electronics, mechanical engineering, high technology , steel manufacturing, transportation equipment, chemical manufacturing and pharmaceuticals.

The main agricultural products are cereals, vegetable oils and hops. Key mineral resources mined in Czechia include black and brown cleansing, kaolin, building materials and uranium. The most important product of the Czech economy is Škoda Auto.

Czechia has the most self-employment per population in Europe. The average wage as of 2021 is around CZK 37,800 (EUR 1,540). It is among the countries with the lowest proportion of people at risk of income poverty in the EU. Unemployment and state indebtedness in Czechia remain among the lowest in Europe.

In the first quarter of 2015, the Czech economy grew the fastest among the EU states. The Czech economy grew by 3.3% in 2021 and the following …

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Property market in Czechia

Recently, around the world, the housing market has become a hotly debated issue in the context of the rapid rise in house prices. From 2000 to 2008, Czechia experienced a huge boom, with the growth of buyer interest far exceeding supply on the market. Between 2009 and 2012, the economic crisis hit the real estate market. As a result, demand weakened significantly, with house prices also falling.

Following this slump in demand and prices, with owners losing up to 40% of the value of their properties in some locations, the market started to grow again in 2013. so you could say that the real estate market has a cyclical period, which is repeated with period of approximately 8 years of growth and 4 years of decline.

Currently, demand is growing greatly due to people’s interest in saving their savings into conservative assets, as well as the overall economic situation in Czechia, where many people have higher incomes and cant hus afford to buy better housing. The quality of housing is a major factor.

Many people are looking for more expensive …

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Are Irish banks the most generous in Europe?

Mortgage rates are rising, but at the time of writing they are higher in Germany than in Ireland, that isn’t the strange bit though.

What’s really strange is that the risk free rate in Ireland is higher than the mortgage rates available. In other words, financially speaking it is safer (if by ‘safe’ you mean accepting a lower return) to lend to a person in Ireland on a house than it is to lend to the Irish government. This is insane and it won’t last.

The response will need to be one of two things.

Banks stop lending Banks raise mortgage rates (or perhaps a little of 1 and a good dash of 2).

Take a look at government bond yields from last week, if a bank has a choice they can lend to the Irish government at 2.8% but they lend to people at closer to 2%. This is typically seen as an impossibility in financial markets so it will only last for a short time because as a rule there is no arbitrage, markets close them down …

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