Irish Mortgage Brokers featured in the Irish Times

We were mentioned in the Irish Times in a piece by Cliff Taylor about the increase in the number of people seeking to refinance their home.

Rather than a fear of higher interest rates, Karl Deeter, of Irish Mortgage Brokers, believes it is primarily driven by people facing tightening (link to article here)

The crux of the point being made is that as inflation is affecting people and rates look set to rise that it is naturally driving people to consider ways to get better prices on one of their biggest outgoings and to get some assurance on what the price levels of their outgoings will be.

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Low rate mortgage Ireland

Ireland is a country with the second-highest mortgage rates. Despite a slight dropping in 2021 the rates borrowers still overpay more than the eurozone average which is 1.27 percent. In 2021 the mortgage rates have dropped to their lowest in four years yet they are still more than double the average eurozone.

In August 2021 the fixed-rate mortgages were weighted to be 2.62 percent, down 4 basis points. The interest rate stood at 3.31 percent in August 2021, down 15 basis points year on year. So in Ireland, an average borrower is paying 180 euros a month more than in other European countries.

The reason behind it is that mortgage lending in Ireland is considered risky and banks struggle to enforce security if loans go into arrears so they must hold around three times the level of capital to safeguard against potential loan losses. The Central Bank statistics show that only in Greece the rates are higher.

This was a guest post by Agáta Hánová who interned with us in December 2021.

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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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Smart Home Technology Pros and Cons

 

With each passing day, technology is advancing and adopting smart home technology is becoming a necessity in Ireland. In the past, a smart home was considered a luxury but today, it has grown to be an essential part of life. In this article, we are going to look at the pros and cons of smart home technology.

Pros

Convenience

The first advantage of smart home technology is convenience. Essentially, all systems within the home can be integrated, automated and customized to your needs. A smart home technology can enable you to interact with various electronic systems or gadgets. Whether you need to turn up the thermostat in the evening before you arrive home or monitoring security, smart home technology has got you covered.

Efficiency

The second advantage is efficiency. With a mobile app or a touch of a button, you are able to control various systems or gadgets in your house. With the help of a smart home technology, you are able to efficiently operate your home’s temperature, lighting, or other appliances with a single click from …

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4 Important Renovations to Increase the Value of your Home

 

If you are thinking about renovating your house, you need to begin by asking yourself if the project will add value to the property or not. There are many different quick and easy renovations which may change your home into an attractive, modern, and functional space. Even better, when you later sell the property, the return on investment will be really high. These are 4 renovations that will make your home more functional and modern. 

Bathroom renovations

Without a doubt, the your bathroom is one of the most important spaces in the home. When the bathroom is new, it can give off a good feeling of cleanliness. When you begin the process of renovating the home, ensure that the design is clean and that it has modern lines. Additionally, be sure to have grey and white colors at the center stage. Apart from a spacious shower, remember to paint the tiles, improve lighting, and install new fixtures. 

Kitchen remodeling

Kitchen renovation is one that adds the most value to your home since it transforms the space to a more …

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Backyard Renovation That Will Add Value to Home

 

When homeowners think of renovating their homes, one of the areas that take the most time and money is inside the house. Although indoors is vital, including backyard renovation on their to-do list will significantly increase the home’s value. A pleasant garden usually means using the outdoor areas to expand the living rooms, kitchens, and dining rooms for many homebuyers. In recent years, research shows that homeowners are investing more in renovating their homes to increase their home value, and the backyard is one of them because it not only increases the value but also helps homeowners recoup some of the costs used in renovating the house when they plan to sell the house. Here are some backyard renovations that can help to add value to the home: –

Outdoor Kitchen. This feature can make your home more desirable and increase in value. Moreover, the exterior kitchen makes entertaining a breeze and creates a luxury that many people dream of having. It also provides an exciting atmosphere that will improve your experience in the open air. Outdoor Seating Area. …

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The Dos and Don’ts for Mortgage Acquisition in Ireland

Many expatriates relocate to Ireland for employment, education, or retirement, with many more opting for a vacation residence in the country. Whether you choose to live in Dublin or a beach town, Ireland has a fantastic home for you. If you’re thinking of purchasing a home to live in, an investment property, or a holiday home in Ireland, you’ll need to know not just what types of mortgages available and how to get one established, but also what not to do. Even as buyer from within Ireland, getting approval for an Irish mortgage has been difficult in recent years. The amount of mortgage financing in Ireland is increasing, which implies that acquiring a house loan is becoming simpler. Banks, on the other hand, are still cautious about lending money, and so you can expect to be asked for a variety of papers to verify that any mortgage loan you take out is manageable to you.

You should be able to determine whether you want acquire a fixed rate or a variable rate loan when selecting a mortgage plan. This is a crucial decision because …

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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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Mortgage arrears in Ireland fall despite pandemic’s economic effects

Over the past year, the covid-19 pandemic has caused many economic challenges for Irish citizens and people worldwide. Between level 5 lockdowns, business closures, and soaring levels of unemployment, it would be logical to believe that people may be falling behind on payments, especially mortgages, which are most people’s largest and most important monthly payment. However, recent data shows that the number of mortgages in arrears actually  decreased during the first quarter of 2021, despite level 5 lockdowns and record high unemployment rates.

Recent data from the Central Bank shows that the number of family home loans in arrears decreased by 2,838 during the first three months of 2021. During this period, the Covid-adjusted unemployment rate hit its peak of 25.1 per cent in early January, as thousands of businesses were forced to close their doors due to level 5 lockdowns. This is surprising given that the number of people behind on their mortgage payments actually decreased, while conventional wisdom would expect to see an increase in arrears. This contrast suggests that government supports, such as pandemic unemployment benefits, have …

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Will Ireland’s mortgage rates fall or rise after the pandemic?

Ireland’s high-interest rates have long been an issue. Although some financial and legal concerns will ensure that they remain above average, overall interest rates may and should be reduced. New and existing borrowers might save thousands of dollars in interest payments throughout their mortgage. This is especially true for existing borrowers who are already paying interest rates of 3 to 3.5 percent. Many people may convert to rates closer to 2%, saving them a lot of money throughout their loan. According to Brokers Ireland, Irish mortgage holders now pay more than twice what most of their competitors do.

The NTMA increased its borrowings for Ireland at negative interest rates for seven and ten years, keeping interest rates on international markets at historic lows. Still, borrowing costs in Ireland are always in line with those in the rest of the EU; mortgage rates are still generally low. Because of the present recession, interest rates have been maintained low. But how long can it go on? Is this a paradigm shift for us?

The following are the most crucial points: Maintain …

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