Obtain a loan of up to 4x your income

The European Central Bank set a ceiling in 2015, allowing borrowers to take out loans from lenders who wish to lend them up to 3.5x their income. However, the ECB recently declared that as a borrower, you may request 4x your income. The loan-value caps will remain the same as before the change, so first-time buyers will be able to borrow 90% of the property’s value, while second-time buyers will be able to borrow 80% of the property’s value.

One unique suggestion received by the ECB was that borrowers earning less than €60,000 be able to obtain a loan of up to 4.5x their income. After the rate crash, the mainstream banks removed development lending. Thus, smaller builders needed alternative finance providers to realize some projects because the extent of the limits was affecting them. Clients now have their own criteria for obtaining a mortgage due to domestic inflation (which was 8.6 percent in September), rising cost-of-living crises, and rising interest rates on loans.

ICS Mortgages, a non-bank lender, tightens its loan acceptance criteria. So, if you take a loan …

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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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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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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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How to get a mortgage Ireland

There are many factors which play a huge role in your mortgage deal. Before starting to look for a house you should check with the lenders to get a statement of how much they are able to lend you. So you will know in what price range to look for a house.

The factors are: Your credit score – past payment history and borrowing behaviour [the higher score the better. The lower credit score you have the more you overpay.] Your debts – the less debts you have the better. If you owe too much, you will have to take out smaller mortgage or pay off your debt before you apply for a mortgage. Your work history – To get a mortgage you have to provide a proof that you are employed and have steady income and job [switching jobs all the time is not a great look for lenders]. Your down payment – The lender usually wants you to put money down so they have some sort of protection. Ideally 20% of the cost of your home [so you …

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Avant Money turned 1 year old, and in that time they changed everything.

Avant Money is part of the Bankinter group and they have been in the market for just one year and in that time they have been transformational in terms of what they have achieved in the current landscape.

To begin with they came in and offered the lowest rates we have ever had since the days of tracker mortgages, their fixed rates were also available for longer durations at these low rates than the other leading rates of the day. After that they brought out a suite of fixed rates which were also at the forefront of the market.

As a lender who distributes exclusively through brokers this is wonderful in our view as it drives people towards independent financial advice and greater selection. We can’t wait to see what Avant Money has coming down the line in year two!

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3 Economic Ways to Revive Your Outdoor Space

 

A few individuals in Ireland have the luxury of enjoying their property’s outdoor space. Therefore, if you have enough outdoor space, you need to ensure that it is both comfortable and aesthetically pleasing. This space will encourage you to spend more time outside while enabling you to make use of the space that you have at your disposal. This article shares 3 cheat but useflu ways that you can use to revive your outdoor space. 

Grow some plants

To revive your outdoor space, the best and easiest thing you can do is growing plants, even if they are potted. To grow these plants, you need to undertake a research of the varieties of plants that grow well in your area. This is the best way to ensure that the plants can grow and thrive with your region’s climate. Apart from potted plants you can place on the ground, you could also hand plants in baskets and pots which may revive your outdoor space. The plants can also act as a partition for your outdoor space and can define the …

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6 Things to Consider when Preparing to Move

 

Regardless of your reasons to move, you need to be financially prepared so that your transition to the new home can be smooth and hassle free. There is nothing more difficult than trying to understand the money issues that are related to the move. Some of the difficulty can be faced during the hiring of movers, purchasing of supplies or looking for storage. This post offers some factors that you need to consider when you are planning to move. 

Credit Score

A credit score is important since it can influence the cost of housing. The score can also determine of you have the ability to buy or rent a home you want. If you want to buy a home, a credit score will determine if you qualify to get a mortgage and the interest rate you will pay for the mortgage.

The Cost of properties in different areas

You need to spend a lot of time looking at different homes close to where you live and where you want to move to. You need to make an assessment of …

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Home Security System…Why?

 

For centuries, people have attempted to protect their homes, properties, and selves. Royal families, noblemen, and senior citizens hired personal protection security guards during the Industrial Revolution. This shows that the current systems of domestic safety have been around for a long time. 

When looking at factors into choosing home security, including how you and your family can benefit from the system, well, installation, armament, and handling alarms are all aspects of security control systems that can make you wonder whether they’re worth the effort. An intelligent home safety system includes both house and personal safety. Today, there are numerous types of safety systems available for both families and businesses. This type of service ensures property and family safety and health. Moreover, individuals’ safety practices and property security hardware are both included in home security.

A security system usually includes critical components that play a role in improving security, and they are integrated into the system. You can choose a wired or wireless security system based on your preferences and budget. Given how to best protect your valuables and …

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