What Types of Mortgages are Available in Ireland?

A mortgage is a type of debt that is secured by real estate. In default payments, the borrower is responsible for repaying the debt. The primary reason for obtaining a mortgage is to purchase a property that cannot be paid in total upfront for an individual in Ireland who cannot afford to pay in cash. The COVID-19 pandemic has shown that financing a mortgage in the modern era of the economic downturn may be more complex and complicated than previously anticipated. In addition to limiting the guidelines, creditors and lending companies appear to pick and choose which people’s lives will improve.

Types Mortgages Available in Ireland

Fixed-Rate Mortgage: It is a type of mortgage with a fixed rate for the loan duration, allowing buyers to estimate the cost of a large purchase while making smaller, more predictable payments over time. Reverse Mortgage: It is a type of mortgage loan that allows the borrower to access the property’s unencumbered value through residential property. Typically, older homeowners are targeted for these loans, which do not require monthly mortgage payments. A reverse …

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What is the difference between Fixed and Variable Rate Mortgages?

The two most common types of mortgage are fixed-rate mortgages and variable-rate mortgages. Although there are many options among these two types in Ireland, the first step in searching for a mortgage is identifying which of the two primary loan type best meets your requirements. Most people seeking to own homes usually find themselves torn between taking fixed or variable loans. A fixed-rate mortgage has a fixed interest rate that does not alter during the loan period. Most individuals see Variable Rate Mortgages as being too much complex than the Fixed Rate Mortgages because the interest rate charged initially on Variable Rate Mortgages (VRMs) is usually set under the rates that are being charged in the market. The amount of deposit and interest paid each month for Fixed-Rate Mortgages may vary; the overall payment stays consistent, making budgeting for homeowners simple.

The primary benefit of a fixed-rate loan is that it protects the borrower against a significant and unexpected rise in mortgage repayments if interest rates climb. Fixed-rate mortgages are simple to comprehend and differ little from one lender …

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Fixed rate comparison Ireland

When it comes to fixed mortgage rates in Ireland there is a little confusion, the first being about ‘whether to fix or not’ and secondly, if by doing so will you lose out should Irish lenders choose to lower their mortgage rates.

The simple answer is that if you fix your mortgage you may win or lose depending on what rates do, but that is missing the point of why you fix to begin with. It provides you with certainty of payments and often there is a premium due because of this, in simple terms, you pay a bit more for the ‘fixed’ assurance.

Below is a list of some of the best fixed rates in Ireland as well as who offers them.

Best 3yr fixed rate: 3.6% offered by PTsb and Bank of Ireland

(note: you can get better again by going with KBC and opening an account which gets you 3.55%)

Best 5yr fixed rate: 3.8% offered by Ulsterbank, BOI and Haven/AIB

These are ‘tiered variable rates’ meanining you have to have a low loan to value or …

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Drop in Fixed Mortgage Rates likely

In watching the movements of the Euribor Yield Curve we saw that margins were likely to increase on fixed rates, however, over the month of April we are seeing the yield curve drop below levels seen at the start of the month and that will likely result in a repricing of debt.

What we are seeing is the increasingly bearing outlook feeding through to interbank rates with the expectation of the May cut showing a strong likelyhood of going too 1%, that is why the 1 month money has actually dropped below that mark when earlier in the month it was slightly above it.

The yield curve is generally feeding the market information about inflation and it would appear that after the May rate decrease that the medium term outlook is depressed. The lines hold a tight margin until the two year mark at which point the earlier curve trends higher and today’s keeps that c.20bip difference. Fixed rates don’t always change with rate drops because they are priced off of …

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‘Thrift’ and why it will be the next fashionable trend

If the Celtic Tiger brought the fashion of consumption and SUV’s then certainly the polar opposite will come true in a downturn, and that will be the emergence of ‘Thrift’ as a way of doing things. Today we will look at some popular thrift websites, as well as how recycling will come into play in the way we do things for the coming years.

The older generation must be secretly laughing at us, they were frugal and appreciated the value of money, I have heard this said on radio, the television, and even on the streets. I suppose it never hit me too much personally because I’m not a flash type of guy, I own a car but I cycle to work (partly due to my feelings on environmental responsibility and party because its faster than sitting in traffic), I could afford nicer clothes but I don’t feel the need to be impressive in that department so my banged up civvies will suffice (as far as I’m concerned). …

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'Thrift' and why it will be the next fashionable trend

If the Celtic Tiger brought the fashion of consumption and SUV’s then certainly the polar opposite will come true in a downturn, and that will be the emergence of ‘Thrift’ as a way of doing things. Today we will look at some popular thrift websites, as well as how recycling will come into play in the way we do things for the coming years.

The older generation must be secretly laughing at us, they were frugal and appreciated the value of money, I have heard this said on radio, the television, and even on the streets. I suppose it never hit me too much personally because I’m not a flash type of guy, I own a car but I cycle to work (partly due to my feelings on environmental responsibility and party because its faster than sitting in traffic), I could afford nicer clothes but I don’t feel the need to be impressive in that department so my banged up civvies will suffice (as far as I’m concerned). …

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