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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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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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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AIB to close branches due to pandemic in controversial decision

The covid-19 pandemic and its related lockdowns have had a number of effects on the financial landscape both in Ireland and worldwide. One of the biggest effects has been the shift to contactless payments and online banking. This trend was only increased due to lockdowns, as the bank’s physical locations were closed, leading to more customers accessing their money online or through the bank’s app.

On Tuesday, Allied Irish Banks (AIB) said that it had conducted a “detailed strategic review” to examine the changes in how customers interact with banks. In the review, the bank stated that “Following the unrelenting shift in customer preference for digital banking over the last number of years, AIB is announcing the amalgamation of 15 branches in locations across the country by December this year”. The vast majority of these 15 branches being closed are in urban and suburban locations in Dublin and Cork. Accounts in the closing branches will be moved to neighboring branches, and these closures will leave AIB with 170 remaining physical branches. About 100 AIB employees will be affected by this …

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New Green mortgage offering one of Ireland’s lowest rates

AIB’s mortgage subsidiary Haven has launched a new, four-year, fixed rate green mortgage with one of the lowest rates currently available on the market.

Haven is a wholly-owned subsidiary of AIB which focuses solely on mortgage distribution through brokers. They offer a broad selection of fixed and variable rate mortgages to customers including first time buyers, movers, switchers, and investors.

The mortgage has a rate of 2.15 percent, and applies to both new and existing customers with a Building Energy Rating (BER) of between A1 and B3. The BER cert must also be less than 10 years old in order to be eligible. All new builds are expected to qualify for the low rate, and existing customers who remodel their home to meet the BER requirements will also qualify.

According to AIB, this low rate could result in substantial savings for the average customer. The lender reports that the new rate allows customers of a 25 year, €300,000 mortgage to save €155 monthly. This equates to a savings of €1,800 per year over the lifetime of the loan, when compared …

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What Types of Mortgages are Available in Ireland?

A mortgage is a type of debt that is secured by real estate. In default payments, the borrower is responsible for repaying the debt. The primary reason for obtaining a mortgage is to purchase a property that cannot be paid in total upfront for an individual in Ireland who cannot afford to pay in cash. The COVID-19 pandemic has shown that financing a mortgage in the modern era of the economic downturn may be more complex and complicated than previously anticipated. In addition to limiting the guidelines, creditors and lending companies appear to pick and choose which people’s lives will improve.

Types Mortgages Available in Ireland

Fixed-Rate Mortgage: It is a type of mortgage with a fixed rate for the loan duration, allowing buyers to estimate the cost of a large purchase while making smaller, more predictable payments over time. Reverse Mortgage: It is a type of mortgage loan that allows the borrower to access the property’s unencumbered value through residential property. Typically, older homeowners are targeted for these loans, which do not require monthly mortgage payments. A reverse …

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Why Are Banks Not Lending Mortgages?

Getting a mortgage over the recent year has proven to a high hill task; more recently is the COVID-19 pandemic that has affected the world economy in different ways. In Ireland, the mortgage market has been on-demand as properties price has been increasing over a fortnight ago. Research from central banks has shown that many banks have reduced the rate of mortgages despite the high prices of properties, especially in cities and coastal regions of Ireland. The big question that many ask is: why are few or no banks giving out mortgage loans?

Many banks have feared giving out loans because of many reasons about economic stability. Moreover, different types of loans are now more challenging to obtain due to the pandemic’s economic and employment effects, as the mortgage market has been severely harmed. As the prices of properties continue to surge, many banks are opting away from giving out mortgage loans because of the following: –

Economy meltdown or recession. The lockdown demonstrates that Irish banks still have a large number of credits on their books due to …

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Is switching mortgage providers a good idea in Ireland?

The Central Bank of Ireland claims that switching mortgages saves “significant money,” and that more and more Irish borrowers are cautiously but steadily taking advantage. Thus, consumers with higher mortgage rates have a better chance of saving money by switching their mortgage plans. Customers eventually pay less for loans than switching over time. Switching providers may be intimidating, particularly when it comes to your most significant monthly expense. After that, there is all the paperwork and small printing. There are still significant legal fees associated with transferring. If you’re anything like me, you’re probably put off by the idea of “legal fees,” expecting that they’re usually fabulous and feeling uneasy about the prospect of spending a lot of money without knowing what you’re getting into. It becomes easier to estimate the total cost by looking at the legal charges spent by the mortgage plans in more detail.

An applicant must be hired to manage the processing, papers, and interaction while switching mortgage providers. Fortunately, the solicitor’s charges and work when switching are around half of what it takes to …

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