Mortgage rates take Irish lendee cash

Ireland has been known to have one of the highest interest rates on mortgages out of all of the countries in the European Union. High interest rates are not uncommon, due to differentiation of financial records of possible lendees, but a high average rate surely is. According to a survey done by Goodbody stockbrokers, a mortgage rate in Ireland is 1.7 times more than the Eurozone average. 

Although this is extremely high, when you take out many of the benefits and cash back opportunities that the Irish banks provide the rate ends up lowering to around 1.25 times more. This rate is still high, leaving some people who have taken out a loan with significant extra costs as the years of their loan repayment diminish. 

A recent study by the Central Bank has proven this point, showing that a family who has a loan of €300,000 could pay up to €60,000 extra in a scenario where the loan lasted for 25 years. This is a very large sum of money, all of which is owed to the bank simply for …

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A new tax on rents over €2,500

This year a new tax bill in Dublin was introduced that has not been welcome amongst the public. As we see rents rapidly increasing in Dublin, a 1 percent stamp duty on rents over €2,500 becomes ever more pertinent than before.

 

This 1 percent duty was initially set at around €1,500 month. It was then raised to €2,500 after the financial crisis to help relieve some of the pressure on tenants.

 

However, it has now came to that level where a more massive amount of people are hitting this €2,500 a month target.

 

With housing rates increasing rapidly, an analysis by Goodbody Stockbrokers claimed around 55 percent of three-bedroom Dublin homes are above this €2,500 level on the Daft.ie. A third of all these properties are in the same area.

 

What does this mean for many families?

On …

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