Are you planning to acquire a house in Ireland? To those who are inexperienced with the procedure or are seeking to acquire a mortgage for the first time, it may seem lengthy and tiring. Obtaining a mortgage has never been straightforward; nevertheless, a combination of rising house prices and restrictive Central Bank credit criteria has made it extremely difficult in recent years. While various people will most likely take different techniques, specific broad guidelines, anyone can guarantee their application runs well.The first one is to ensure that your financial situation is well and that everything is accounted for. In addition to jobs and money, this may include goods such as home insurance and property valuation. It would be best to consider how long you have lived in Ireland, depending on the lender, and this may play a factor in their choice. Borrowers should also ensure that they have good credit and are not in excessive debt. Lenders are more likely to be wary of consumers with poor credit records since they seem less likely to repay their loans in …
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 …
When you want to get yourself a home, you might not be all psyched up as it may seem to be a daunting task. In my opinion, and based on the research I have carried out over the past few months, I would completely argue otherwise. It cannot be that tiring as there are experts who have come up with Mortgage Companies that stipulate and help buyers make the right decisions before acquiring a property. There are several factors as well as opportunities to take when it comes to home acquisition.
As a person seeking to own a home for the first time, it’s critical to show that you can save money and pay your rent regularly. You will have to set up a savings account to keep your daily spending cash separated from your savings. Experts propose setting up bi-weekly or automatic monthly payments into specified savings account at any given Irish Mortgage Company. This demonstrates your capacity to save money each month and your ability to repay a home when the time for repayment comes.
Determine how …
There are more costs associated with buying your first home than just the 10% deposit. There are many additional fees, duties and taxes that you should be aware of before buying your home.
The first fee you should be aware of is the stamp duty. The stamp duty is not included in your mortgage, so it’s a good idea to save this fee up in addition to your 10% deposit. The stamp duty is calculated at 1% of the selling price on a home or residential property of up to €1m, and 2% of the selling price on homes and residential properties above €1m. This stamp duty may change however, and full details are available on the Revenue.ie website.
Legal fees are another hidden cost of buying a home that you should look out for. There are a lot of legal aspects that have to be accounted for when officially transferring ownership of the property to you, so you should find a trusted real estate lawyer to take care of this transfer. Legal fees will vary depending on …
Let’s face it mortgages are daunting; with interest rates, terms, and credit scores. Many things can make finding a mortgage a challenge but what are the most important things you need to know before taking out a mortgage? Well, you’re in luck, these are three main takeaways that you should know before taking out a mortgage.
SAVE SAVE SAVE
When preparing yourself to take out a mortgage, being financially secure is extremely important. You will want to have enough to make sure you have enough for a good down payment. This isn’t the only reason you want to be saving though. You will also want to have enough in your account for any unexpected expenses that may pop up due to things such as closing costs, and inspections. Liquidity (cash) is just as important as saving for a down payment. Banks and other financial lending institutions look at the balance of your accounts prior to approval to validate your ability to afford your desired home.
Along with saving, you will want to keep your account in order. Avoid overdrafts, late …
Students all around the world have been struggling with universities taking advantage of their wallets for quite some time.
It is only recently, the students of DCU have spoken up for themselves in the hopes to be heard and make a difference for all future student planning to attend DCU.
Their argument, one that is on the minds of many…what is up with these price hikes?
Every year student residents have been noting dramatic increases in the cost of accommodations for the academic year.
With the most recent price hike bringing the total cost to 10,000 euro. That, being, nearly triple the cost of attendance!
One of the most prominent arguments to this petition is the stresses that are already felt by the students in their regular responsibilities within the classroom.
Some price jumps are reported to be up from 29% the regular prices. A hike that is difficult to cope with and may defer some students from choosing to attend and further their education at all.
In many cases, the costs are outweighing the …
Those looking to buy a home in the States are all currently saying the same thing is holding them back….They can’t seem to afford the down payment.
Down payments on houses can be burdensome and oftentimes weigh on the ability to buy a home. In some cases, it calls for years of disciplined saving. Something that can be difficult for someone who wants a home and wants it now.
That’s where the start-up company Loftium comes in with a solution. This is a business started by 29-year-old Yifan Zhang of Seattle.
As someone who has personally heard her friends talk for years about the down payment dilemma, she finally decided to do something about it.
Zhang started as any other Airbnb business owner. Renting out one room in her townhouse to generate extra cash. Little did she know just how much cash she could actually generate.
Quickly into her business, she was earning enough to completely pay for her mortgage and then have some left over!
That’s when the idea dawned.
Zhang decided to eliminate …
The average house price in Ireland has risen 11.2% over the past year, and prices in at least 8 counties are currently rising faster than that immediately preceding the market crash. Rapidly rising prices, low interest rates, and insufficient supply are together representative of the current situation in Ireland’s property market. Although this situation has many market watchers worried about possible inflation, and is definitely a hindrance to buyers still seeking for a home at an affordable price, there is a perk that could result for homeowners with an existing mortgage.
This blog post will illustrate this hidden opportunity and give homeowners the necessary knowledge if they intend to pursue it.
For homeowners with a high standard variable or fixed rate mortgage, your interest rate is most often based directly on your Loan-to-Value ratio (LTV). The loan to value ratio is ratio of your loan to the value of your property. Each lending institution may have a different way of calculating and determining your interest rate but in general, the higher your LTV, the higher your interest rate. …
In reference to No evidence of another Irish housing bubble, IMF says by Peter Hamilton on 26 June 2017 in the Irish Times.
The answer is no but close monitoring is needed. A Washington-based company, the International Monetary Fund (IMF), has confirmed there is no housing bubble in Ireland. Even with the quickly rising prices of property and an increase of mortgage approvals, IMF realizes this is significant but it is not a housing bubble… yet.
There is no statistics to show there is an imbalance of the pricing of houses. However, there is an increase demand for housing that could lead to an imbalance, especially with the Central Bank’s mortgage lender rules and the help-to-buy scheme for first timers. IMF has recommended close monitoring of the market to make sure a bubble is not formed.
The likeliness of this increase of housing demand should …
Finance minister Michael Noonan officially announced Tuesday night government plans to sell a 25% stake in AIB, returning part of the bank into private hands. This marks AIB’s dramatic return to the London Stock exchange since it was nationalized almost 7 years ago during the last financial crisis.
Currently 99.9% government owned, the sale of AIB shares will likely be the largest stock market listing of 2017. Analysts estimate that the sale of shares will raise more than €3 billion for the government, contributing to AIB’s slow and steady return of the €20.8 billion of bailout loans it received from 2009 to 2011.
AIB is Ireland’s biggest lender, and since it’s nationalization, has worked hard to renew its image, slashing the amount of bad loans from 29 billion to 8.6 billion. With that and already €6.8 billion of taxpayers’ money returned, AIB CEO Mr. Bernard Byrne hopes the upcoming sale of shares will continue the bank’s process of recovery and reaffirms investor confidence.