The Last Word on TodayFM features Irish Mortgage Brokers, 30/04/2020

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.

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How to get a mortgage in Germany

The rights to a real estate property that are held by the person who owns the property (house, land, apartment etc.) are given to a bank in order to receive other benefits in return. These benefits are usually cash benefits. The mortgage is used in banking as security for loans. The possible amount of the mortgage is determined by the value of the property. Mortgages can be given by banks. In case people need help regarding mortgages there are different branches that can help. Mortgage brokers help people to arrange the mortgage between the borrower and lender and a real estate agent helps buyers and sellers find or sell a property. Getting a mortgage has several advantages such as that the interest rates are generally lower than for other types of borrowing and that a mortgage is easy to repay due to it is repaid little by little on a monthly basis. But a mortgage can also be disadvantageous because the interest rates on mortgages are changing from time to time and can increase suddenly o the borrower has to pay …

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Who are Finance Ireland?

We are sometimes asked ‘who are finance Ireland’ because people don’t know the company. In short, they are a broker only lender, this is yet another reason you should never go to a bank directly, they couldn’t tell you about their rates and products if they wanted to and in this instance their prices are amongst the best there is!

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The Derivatives That Sunk Banks In The Global Crisis

Mortgage-backed securities played a significant role in the Global Financial Crisis of 2008. These securities had attractive interest rates and were given next to perfect ratings by credit rating agencies such as Moodys and Standard and Poor. Large amounts of funding were put into the housing market through the mortgage backed securities and this funding became a cycle. People were looking to buy homes so mortgage companies sold mortgages to banks, which led to banks packaging the mortgages with other investments, and the mortgage-backed securities were sold to investors. The investors’ money created more money for mortgage lenders to offer. 

Since lenders were contributing funds to subprime mortgages, people who have lower credit scores, many of these homeowners began to default on their mortgage payments. In April of 2007, New Century, a U.S. Financial Mortgage Corporation, filed for bankruptcy because of poor mortgage lending decisions. Soon after, Countrywide, the largest U.S. subprime mortgage lender, filed for bankruptcy. Following these two mortgage lenders filing for bankruptcy, U.S. banks’ balance sheets decreased.

While subprime mortgages and mortgage back securities were instruments that …

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Help To Buy For First Time Buyers

The name provides a definition for itself. First time home buyers are people in the market buying a home for the first time. Compared to other home buyers, such as trader-up borrowers and mortgage switchers, first time buyers have different benefits and restrictions when borrowing than other borrowers. The Central Bank of Ireland requires a 10% down payment for first time buyers. Now, for first time buyers, a 45,000 euro down payment for a 450,000 euro home may be somewhat daunting. However, the Central Bank has offered assistance for their first time buyers to keep them in the market. The Central Bank offers a help to buy program. This benefit allows for first time buyers of new houses and apartments to take a 5% tax rebate off of properties less than 500,000 euros. In a recent case at Irish Mortgage Brokers, a married couple came looking for a mortgage on their first home. The couple did not have a home in mind at the time, but based on their income, the couple had roughly below 500k to spend. Both individuals …

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House Moving Made Easy

House moving can be overwhelming. Here are different types of mortgage options for you to try out.

Portable Mortgage – You can move your current mortgage to your new property using a portable mortgage. You probably have to fill out a request to switch and you may have to increase the size of your mortgage if the new home has a higher property value than the old home. Watch out for a higher interest rate in the new loan. Remortgage with current lender – This method can help the home mover find better rates, but there are other costs associated with this loan that make up for this. Depending on how deep you are into your current mortgage, the fee for remortgaging with the current lender is usually a cost between 1-5% of the previous mortgage. Exit, arrangement, and valuation fees may also apply. Remortgage with a new lender – This mortgage helps because it pays off your existing mortgage. You may also be able to sell off your old home. If the property value in your area has risen, …

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Online Mortgage in Ireland 2019

As Operations and Compliance Manager of Irish Mortgage Brokers here since 2004, Karl Deeter has established himself strongly in the mortgage and financial world. One of his latest projects is Yes.ie that he started back in 2016. In short, yes.ie is an online brokerage. The website allows you to apply for mortgages, remortgages, investments or buy to let loans, while comparing the most competitive prices all in the comfort of your own home. On top of looking for mortgage rates, yes.ie also offers services for insurances. So, if you need mortgage protection, a pension, or life insurance, yes.ie has all the information you need within a few clicks. 

Everything about this website is geared towards the client. There’s no opening or closing time, and everything is done at your own pace. It’s hard to find the time to make an appointment with a broker. Now, there’s no need to take time out of your busy schedule to do so. Without facing the pressure of a salesperson, you can feel comfortable and apply on your own terms. 

If ever you need …

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Regular wages and purchasing homes

In the current market, there is an increasing want and need for housing in Ireland, especially in populated cities such as Dublin. With this increasing demand, prices of homes and rent are rising each year. One problem that many soon-to-be or want-to-be home owners face now is the inability to effectively save for a home when they are paying high rent fees month after month.

The Central Statistics Office of Ireland notes that the average full time worker made around €45,611, while an average part time worker made around €16,600. Using surveys on these two numbers, we can say that the average worker in Dublin makes around €37,000 per year.

These numbers seem to allow a single person to be able to obtain a mortgage and afford a home, but if you were to add into the equation any additional expenses, such as children, rent or transportation, there would be a significant amount of money deducted from those average numbers.

The national average rent in Ireland is €1,122 per month. If you are interesting in living in Dublin, …

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RTE Primetime featurs Irish Mortgage Brokers

We were asked to take part in an interview on Primetime about house prices and whether or not they were starting to show signs of falling. Our view is that they will fall in time (probably in a damaging way) but that it won’t be soon because supply is still above demand and price indicators like rents are still rising. This is damaging for first time buyers and those stuck paying high rents.

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Online mortgage broker

We have been working for quite some time on creating an online mortgage process. The first time we did this was about 12 years ago but that was too far ahead of its time and the banks basically laughed at us. That has changed and now in 2019 we hope to make the proposition of an online mortgage process a reality, we’ll make it possible for people to do most of the process over their phone in an easy to use mobile environment. Stay tuned and we’ll let you know when this choice becomes available!

 

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