In an interview that drew a massive listener reaction, Pat Kenny interviewed Karl Deeter about the reasons he believes we need to get people back to work sooner rather than later. We would stress the point that this isn’t implied as doing so in a reckless manner, hand hygiene, distancing and other protocols already being followed in shops and essential services jobs would be required. Dr. Sam McConkey was also on to critique his view. The debate was well rounded and respectful, you can listen to the clip below.
We were part of a discussion around Covid19 and mortgages on Matt Cooper’s ‘The Last Word’ show on Today FM yesterday. The other participant was Brian Hayes of the Banking and Payments Federation of Ireland.
For our part we were impressed with the fact that the banks have been able to do more than 2,000 mortgage restructures per working day since the pandemic driven mortgage breaks were announced. To put that in perspective, it took six years to do 100,000 restructures after the financial crisis. This time around that figure could be achieved in a little over two months, that is something to be commended.
Conor Pope of The Irish Times did an article on housing and quoted our firm extensively, see the screengrabs below.
“More recently we have proposed removing mortgage loan-to-value ratio (LVR) restrictions, as this is a countercyclical tool and we have been able to consider lowering this now that the risks of excessive lending have subsided and banks can now lean into a recovery. This should also enable banks to support customer needs”
That spells it out fairly loud and clear, if the tool isn’t needed then why deploy it? At the moment we are seeing massive issues with sales due to banks restricting in order to comply with the lending rules, this is an unforeseen consequence that will damage certain borrowers who have entered into contracts in good faith.
It’s worth noting that we took our lead in part from New Zealand on the lending rules, our new Governor is from there and house prices in New Zealand are also high – …
We were guests on Matt Cooper’s ‘The Last Word’ show on Today FM along with Marian Finnegan the MD of SherryFitzgerald’s residential business to discuss the residential property market and how it might work out in the wake of the covid19 pandemic.
Marian gave good analysis as you’d expect, Karl was pointing out that supply shortages would persist despite any changes that may occur in prices, the reasons for this being that the dynamics that existed prior to it hadn’t changed.
The full clip of the piece is below.
There are ten mortgage lenders in Ireland. AIB, Bank of Ireland, EBS, Finance Ireland, Haven, ICS/Dilosk, KBC, PTsb, Ulster Bank and Credit Unions.
A mortgage broker can help you make an application to all of them except for the EBS who don’t distribute through brokers and Credit Unions who have to be applied to directly and individually.
The main comparison between lenders is their interest rate, but there are many other features of a loan to consider such as the rates that may apply after a fixed rate expires, cash-back and other terms and features that are specific to loans from certain banks.
For instance, some lenders will let you overpay a fixed rate mortgage, others will penalize you if you do that. To find out more get in touch and we can help you figure out what lender is the best for your circumstances.
Some people decide that when the going gets rough, they’ll help those less fortunate than themselves, nothing can be more spiritually reaffirming than this type of attitude.
Denis Reilly (oh ate 6 2744727) started a GoFundMe to help raise money so that kids in Deis schools (Deis schools are usually in deprived areas where you get meals as part of your school day) can still access fresh fruit and vegetables. Within a short amount of time they raised over €100,000 and this will help to feed 5,000 families across Dublin for a month.
So far they have raised €119,000 with a goal of €250,000. They are distributing via Glanmore Foods who already supply non-fresh foods and this takes care of the logistics. This is some good news, worth hearing more of (so far only the indo covered it!)
See more at https://www.goodgrub.ie/
Karl did an interview in late 2012 which at the time drew a lot of negative feedback because Karl Deeter was making the case that house prices were going to start rising and there were too many forces that would push up house prices starting to form. That said, he had given about five years of advice against property investment and this was the time he changed his view.
It’s interesting to listen back on old interviews (in particular from 14 minutes on) and see what predictions were made versus the outcomes. In this case the predictions turned out to be fairly true, 2012 was a low point and prices rose. As with all predictions, you’ll get a lot wrong, Karl made plenty of bad calls too.
We did a piece with Pat Kenny on his Newstalk radio show yesterday. We talked about the reasons for why property prices may face a short term volatility but that when balanced against housing need in general that the pandemic will not make housing more affordable in the long term. For that to happen we need many other things to start to resolve such as land prices, non-construction costs and planning timelines.
If you want to make an ETF payment to Irish Lifey you’ll need their bank details, but before you do that it’s worth considering what you are about to do and why.
We assume the ‘why’ part is that you are buying a financial product or funding one, that could mean either buying some type of assurance policy or topping up a pension, but have you considered the alternatives? If you went through a broker then perhaps you have, but if you didn’t then you might want to consider some independent advice because not all policies, charges or choices are universal, they differe across different providers.
We can help you determine what pension plan may suit you the most, or what fudn is most appropriate to your needs. Not only that, we can often get peole a higher allocation (and reduced fees) which means you get more bang for your buck (euro) than you would otherwise because a broke can manipulate the charges more favourably towards a client than the insurance companies do directly. So consider giving us a call, …