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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MyHome.ie Report Broken Down

Dublin’s housing market is showing a trend that has not been seen since 2013 and is not consistent with the rest of Ireland. MyHome.ie concluded that the annual asking price inflation has declined 2.4% nationally in the 2nd quarter of 2019. The annual asking price inflation is at its lowest level in five years. When solely concentrating on Dublin, they fell .6 % which marked the first time Dublin has been negative since 2013 with respect to asking price inflation. Asking prices are continually growing, but at smaller rates than historically. Nationally asking prices increase by 2.1% in the 2nd quarter this year. Dublin’s asking prices grew slimly at .5% which marks the weakest 2nd quarter gain since 2013.

The report also found that the median asking prices for new sales grew by 5,000 euros to 276,000 euros and Dublin grew by 2,000 to 382,000 euros. Experts use newly-listed properties as a reliable indicator into predicting future price movements. Conall MacCoille who authored the report and is the chief economist at Davy, commented on falling prices causing much fear towards …

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Bank of England raises counter-cyclical capital buffer to 0.5%

Bank of England announced to lenders that it is raising the country’s counter-cyclical capital buffer from 0 to 0.5% to mitigate pressures from increasing consumer credit. The counter-cyclical capital buffer is a requirement on all banks, lenders and investment firms to keep a certain level of capital when credit growth is excessive. To a certain extent, this buffer is able to insulate banks from the cyclical growth and downturns of the economy. Bank of England’s decision reflects its interests in slowing down credit and lending in the British economy.

 

By raising the counter-cyclical capital buffer to 0.5%, British banks must increase their held capital by over £11.4 billion over the next 18 months. The Bank of England also has the intentions of further increasing the buffer by 0.5% to 1% by the end of 2017 to combat increases in consumer credit and lending. The counter-cyclical buffer has only been used once in the UK, but was quickly revoked due to stagnate economy conditions during the immediate aftermath of Brexit.

 

Bank of England’s Financial Policy Committee warned that there …

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Financial Regulator, official change name to Central Bank of Ireland

In recent correspondence the Financial Regulator wrote explaining that they have merged with the Central Bank, so in future, instead of ‘XYZ Ltd. t/a FirmName is regulated by the Financial Regulator’ companies will instead have to replace ‘Financial Regulator’ with ‘Central Bank of Ireland’. So the re-brand is now complete and the error of split regulation has now been undone.

With current advertisements and promotions you can continue as is but with future print runs or information the new information must apply.

Brokers will also have to provide an email address to the Central Bank for all regulation correspondence, as well as keeping a proper file of CPD (Continuous Professional Development) hours.

A register by firms of who is acting on their behalf must be available at all times and kept up to date, and MCR (Minimum Competency Requirements) must also be kept proving that experience is relevant to a present role.

Oversight of prudential supervision and compliance has now been moved to the Consumer Protection Codes Department within the Central Bank of Ireland.

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