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 …

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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 …

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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.

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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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Mortgage switching 2022

Last year of the people approved for a mortgage about half of those are first-time buyers. The slowing in the numbers approved for a home, comes as some lenders have already said they increasing their rates. (AIB, Bank of  Ireland, EBS, Haven and Permanent TSB). Around 775 homeowners need mortgages or are switching to another lender at any given time

If you want to buy a house, you have to pay the owner for the house and have to pay your bank for lending the money. Still more than 200,000 households repaying their mortgage on standard rates.

Homeowners should now consider their rates. But there is a risk for those on fixed rates. If they roll out of fixed-term contract in one or two years, the rates could be higher. The prospect of higher mortgage costs is prompting to switch from variable or short-term fixed rates in a bid to the expected increase.

If you decide to switch mortgage, you need a solicitor to take care of the processing, paperwork and liaising. The cost and workload is about half of …

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The economy of Heppenheim

Heppenheim has a lot of commercial companies. The INFECTOPHARM for medicals. This company has approximately one hundred and eighty three employees and makes 121,4 millions in sales a year. The next one is KLN Ultraschall (builds ultrasonic devices). This one have two hundred employees and makes 50 millions in sales in the year. The third one is Odenwald Quelle GmBH. This company produces various types of beverages. There are one hundred eighteen employees and makes 22,42 millions in sales a year. And the last one is Lies Elektroanlagen. That’s a global company specialising in mechanical and electrotechnical assemblies and switchgear construction. This company has one hundred sixty employees and makes 19,2 millions in sales in the year.

 

Heppenheim is Part of the economically strong Rhine-Neckar metropolitan region and is designed as a medium-sized center in the southern Hessian regional plan. Heppenheim is centrally located on the B3,B460 and A5/A7, almost halfway between Heidelberg and Darmstadt.

The Heppenheim train station is located in the city center with two platforms on the Main-Neckar-Bahn. The airfield is southwest of the city. The …

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Negative interest rates are both gone and here at the same time.

Many commentators are talking about the end of negative interest rates in nominal terms and it’s true, interest rates are rising but in real terms they are still negative. Look at mortgage rates (for instance), you can borrow at 3% and below and meanwhile you have property price appreciation at 15% meaning that in real terms you are paying -12%.

If you can ever get something on a continuous basis at -12% that indicates ‘buy’, and that’s what people are doing, but notice that we mentioned ‘continuous’, the reality is that there is no arbitrage most of the time and this will be closed down by either rising costs, falling prices or some other outcome that we can’t forsee. Trees don’t grow to the sky, they never have and never will so the trajectory of house prices must rationalise but it’s hard to see how or where at present because the demand side seems so demonstrably strong.

I bumped into Kieran McQuinn on Pearse Street today and in our brief chat mentioned how the price changes are not sustainable, he …

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German mortgages explained

In the legal sense, a mortgage is the right with which a bank or building society secures a mortgage loan. The mortgage secures a plot of land with or without buildings. It is one of the liens on real property and is regulated in the German Civil Code (Section 1113 BGB).

If the builder fails to meet his obligations under the loan agreement, the bank can apply for foreclosure. It can use the proceeds from this to repay the construction loan. Usually, you can only cover a part of the purchase price of your desired property with your own funds. The greater part is financed by a mortgage. This means a loan from a bank, which is secured by the property. How to get a mortgage in Germany

Let your customer advisor advise you on all aspects of real estate purchase. There are various contact points in Germany for this purpose. Depending on your life situation, it is appropriate to first contact the house bank. Various financing proposals are measured by how good the customer’s liquidity is.

After the financing …

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The economy of Frankfurt

Frankfurt is known as a commercially oriented city that has made trade fairs and congress epicenters home in the most populous city in Hesse.

As Germany’s financial capital, a large number of banks and brokerage houses have their headquarters there. Among them, one counts, for example, the Deutsche Bank, Dresdner Bank, Commerzbank, and even the European Central Bank, which is responsible for the monetary policy of the eurozone and the Deutsche Bundesbank.

Characteristics such as economy, traffic, and trade fairs characterize Frankfurt. With the trading platforms Frankfurter stock exchange and XETRA operated by Deutsche Börse AG, Frankfurt is the second-largest stock market in Europe and handles the lion’s share of German securities trading.

Despite high-income inequality, with a Gini coefficient of 44, this metropolis’ labor productivity advantage translates into an average household income of USD 55,800 (as of 2016). In comparison, the whole country has a Gini coefficient of 34 and an average income per household of USD 51,400. As of 2016, household spending excluding transport and housing was 5% above the national average. In 2016, education expenditure per household …

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