Are mortgage interest rates going down?

With the recent announcement of PTSB dropping their 4 years fixed rate and announcing low 3 years fixed rate, things sure look like the decline of mortgage interest rates is about to start. You could save yourself a could of euros a month in mortgage repayment by switching to another lender with lower rates.

Contact us today to see which rates you could get and how much you could save.

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Switch and Save

Avant Money estimate that over €25bn of mortgages are on an interest rate higher than they need to pay.

With the cost of living at an all time high, could a 5 minute discussion with a broker save you money in the months and years ahead. It could be the best 5 minute chat you have ever had!

Switching your Mortgage from one provider to another is simple, your Broker will do the research for you and let you know if you will SAVE money.

Some lenders are offering a cashback incentive to help cover the costs with switching, this is a great benefit and something people should look out for. It’s not always right for everyone but certainly worth speaking about.

If you are looking for a financial health check, please drop me an email today or pick up the phone for a no obligation chat –  james.curd(at)mortgagebrokers.ie or 01 633 9248.

 

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Should I switch my Mortgage?

Should I switch my Mortgage? It’s a good question that many borrowers have been asking over the last year and a question that will become a lot more frequent as we head into 2024. Many people have secured themselves a great Mortgage rate over the past 5 years and will soon be looking at what their repayments will be after the ECB rate increases over the last 2 years.

 

Rates have been driven up by the lenders in response to the ECB rises and Mortgage holders will, unfortunately, see the impact of this when their current fixed period comes to an end, which is why it is well worth having a chat with a Broker to see if there is something better for you.

 

Some lenders have fantastic cashback products that can help with many things such as the Legal costs, or the increased monthly costs you are likely to incur. Some Lenders will have lower rates than you are currently paying, why would you pay more at your current lender?

 

In summary, the answer to my …

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Mortgage Myths Busted

Mortgages for anyone can be confusing, especially for young people or first time home-buyers. There are several common misconceptions or myths when talking about mortgages. Here we will set the record straight and bust those mortgage myths. 

It is NOT true that you have to be an existing member of a bank to get approved for a mortgage. Mortgage applications are assessed on a case to case basis. Being established at a bank already does not affect the outcome or make you more or less likely to get approved. Existing members also do NOT get better agreements. 

Having evidence of gambling will NOT exclude you from being able to get you a mortgage. Having several transactions to online gambling websites may raise some concerns to lenders but occasional transactions will not strike your eligibility and will not be held against you. 

It is NOT impossible to get a mortgage if you’re self-employed. Many people think if you’re self employed it is challenging to get a mortgage and a home. Being self-employed does not exclude you from being approved from getting …

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Four Alternatives for Policy Responses to Increased Mortgage Rates, According to David Willetts:

Introduction:

The recent findings by the Resolution Foundation have shed light on the significant impact of rising mortgage rates in Ireland. With projections indicating further increases in the coming years, it is crucial to explore policy options that can alleviate the burden faced by homeowners. In this article, we will delve into the implications of these findings and examine four potential policy responses to address the challenges presented by higher mortgage rates.

 

Creating a New Spending Program:

One approach is to consider the implementation of a new spending program aimed at assisting individuals facing higher mortgage payments. However, it is essential to evaluate the effectiveness of such a measure, considering the income levels of the affected population. Moreover, it is important to recognize that the increase in mortgage rates is a deliberate policy response to combat inflation, and protecting individuals from the impact of this policy may not fully address the underlying issue.

Exercising Lender Discretion:

Lenders can play a role in alleviating the burden of higher mortgage rates by exercising discretion in their lending practices. One practical measure …

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Understanding the Impact: How Interest Rate Hikes Affect Irish Mortgages

In this blog, we journey through the intricate world of interest rates and their profound influence on our mortgages. With recent rumblings of potential interest rate hikes, it’s essential to understand how these changes can impact our financial lives. We’ll explore the key aspects of interest rate hikes, their implications for Irish mortgages, and provide real-life examples to help you grasp their significance. So, let’s dive in and gain a deeper understanding of this critical subject.

 

The Basics: Interest Rates and Mortgages

Before we delve into the impact of interest rate hikes, let’s refresh our understanding of the fundamentals. Interest rates are the cost of borrowing money, and they directly affect the amount you pay on your mortgage. When interest rates rise, the cost of borrowing increases, leading to adjustments in mortgage payments. Conversely, when rates decrease, mortgage payments may become more affordable.

The Ripple Effect: Monthly Mortgage Payments

Interest rate hikes have a direct impact on your monthly mortgage payments. As rates rise, your mortgage interest charges also increase, resulting in higher monthly payments. For example, let’s consider …

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Comparing the 2008 Financial Crisis to Recent Interest Rate Hikes in Ireland

In this blog, we look at insightful parallels between the infamous 2008 financial crisis and the recent interest rate hikes in Ireland. While each event has its unique characteristics, examining their similarities can provide valuable lessons for navigating the current financial landscape. We’ll explore the key resemblances between these two periods, highlighting real-life examples to deepen our understanding. So, let’s dive in and uncover the lessons history has to offer.

 

The Domino Effect: Fragile Housing Markets

Both the 2008 financial crisis and recent interest rate hikes have exposed the vulnerability of housing markets. In 2008, a burst in the housing bubble triggered a wave of foreclosures and plummeting property values. Similarly, interest rate hikes can impact affordability, leading to a potential slowdown in demand and a correction in housing prices. These dynamics remind us of the importance of balanced and sustainable growth in the housing sector.

Financial Strain: Increasing Debt Burden

During the 2008 crisis, many homeowners found themselves burdened with high levels of debt. Adjustable-rate mortgages with low …

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Talking property and mortgages on the radio

We were glad to chat with Wendy Grace on Spirit Radio about mortgage switching and the time it takes to get it done.

Our view is that the biggest enemy to most people isn’t rates or delays, it’s inertia, so getting on top of your finances is key.

Talk to a broker today! Don’t walk by massive savings, there are still great deals to be had.

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How Open Banking and API change the way you bank

The United Kingdom introduced open banking legislation in 2018 to support and improve the loan system. Prior to this legislation, the loan application and paper processing took a long time to check and complete. As a result, the mortgage lenders made a lot of money thru open banking because it makes working with loans easier and lowers administrative costs, they also do not have to select data points manually. It also encourages the transition from traditional banking to online banking. But what exactly is “open banking?” It means that banks are permitted to disclose information about a customer’s financial data to third parties.

However, not all businesses agree that automating work processes is a good idea. Nine out of ten knowledge workers who analyze this believe that automatic work has enhanced employees’ work lives. The standardization process helps you minimize errors, save time, which in turn allows you to reduce costs and increase productivity and efficiency.

Our world is becoming more fast-paced and more technological so you must keep up with the progress. A lot of companies use big data …

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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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