Best Places to live in Ireland outside of Dublin

Many people dream of living in Ireland: with its gorgeous countryside views and culture-rich cities, there’s not much to dislike. The biggest and most famous city in the country is the capital city of Dublin, famous for its pubs, diverse community, and unique culture. However, Dublin is also by far the most expensive place to live in Ireland. If you’re looking to move to the Emerald Isle and would like to save some money while doing so, here are some great areas outside of the capital to consider.

Galway

Located on the River Corrib next to the Atlantic Ocean, anyone who visits Galway will fall in love with it. Considered the cultural center of Ireland, this coastal town has a lot to offer at a fraction of the price of living in Dublin. Rental prices are 50-80 percent cheaper than in Dublin, and Galway still has a lot to offer culturally, with festivals throughout the year and many culinary options. In fact, Galway is so culturally rich that it was named the European capital of culture in …

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Pros and cons of a variable rate mortgage

A variable rate mortgage is a mortgage in which the interest rate on the outstanding balance changes periodically. Typically, these loans will have fixed, or “teaser” interest rates for a specified amount of time, after which the interest rate will change based on a variety of factors. In most cases, the initial interest rate on a variable rate loan will be lower than a fixed rate, which can be appealing for homebuyers. But it is important to be aware of the pros and cons before jumping into a variable rate loan.

Pros

Flexibility

The number one advantage of a variable rate mortgage is flexibility. With a variable rate mortgage, you don’t need to worry about penalties for things like increasing your monthly payment, or paying off your mortgage early. You also have the ability to make lump-sum payments on your mortgage throughout the year, which can be very helpful for home buyers with a fluctuating income affected by bonuses or commissions. If your life is likely to change relatively soon, and you plan on eventually moving or selling the house, …

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How to win a bidding war on a house

So, you’ve found your perfect home. The only problem is that the home that is perfect for you also happens to be perfect for several other buyers. In markets with high demand and low inventory, also known as seller’s markets, bidding wars can be quite commonplace. And because of already increasing demand, combined with a year-long halt in construction due to the pandemic, Ireland is in a seller’s market right now. This means that many houses will have multiple buyers attracted to the property, which can hurt your chances of securing the home of your dreams. In this blog, we’ll consider some strategies to ensure you walk away with your dream home

Make the highest offer

The most obvious way to win a bidding war is to simply make the highest offer.  Because the seller is usually trying to make as much money as possible, the highest offer usually holds a lot of weight. So, if you can scrape together some extra cash to outbid the competition, you will most likely be the top choice of the seller. However, under …

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First Time Buyers lead the way as mortgage drawdowns and approvals continue to rise

As the Irish economy continues to reopen following the shock of the Covid-19 pandemic, mortgage approvals and drawdowns have remained on the rise. Recent figures from the Banking and Payments Federation Ireland (BPFI) has shown data on mortgage drawdowns and approvals for the second quarter of 2021.

According to the data from BPFI, some 9,625 new mortgages were drawn down in the second quarter of 2021. This represents an increase of 45.4 percent in volume when compared to the same data from the second quarter of 2020, when the pandemic was at its height. These new mortgages have a total value of €2.23 billion, representing an increase in value of 52.5 percent when compared with the same period a year ago. BPFI reports that of these new mortgages, first time buyers represent the largest segment, accounting for some 50.9 percent of all new mortgages.

The vast majority of new mortgages drawn down were to finance a purchase of a home. In the second quarter, there were 7,438 mortgage drawdowns for purchases, with a combined value totaling €1.8 billion, a 47.8 …

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5 tips to improve your credit rating

Your credit rating is crucial when applying for a mortgage or any type of loan. The better your credit rating, the higher the chance you will qualify for a good rate from your lender. Having an average or below average rating can greatly reduce your choice of lender and have an adverse affect on your rate. Here are some tips to make sure your credit rating is as high as possible.

1. Use Credit cards wisely

Using credit cards responsibly on a regular basis is key to boosting your score. Banks may ask you for 12 months of credit card statements, and being behind on your credit payments will decrease your chances of getting a loan. Instead, use your credit card for small amounts, and keep up with your monthly repayments. This shows that you can reliably pay back the money you borrow.

2. Don’t miss loan repayments

Making all your payments on time is the factor that impacts your credit score the most. When you pay your credit cards or other loans on time, it goes on your file …

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How to get the lowest rate on your mortgage

When applying for a mortgage, you will notice that rates vary greatly. These rates determine on a number of things, including the length of your mortgage term, the size of your deposit, your credit score, and which lender you choose. With so many different mortgage lenders available to choose from, this can be a daunting process, especially for first time buyers. Securing the lowest rate is incredibly important, as it will make your monthly payments smaller, thus saving you money over the whole lifetime of the loan. Here are a few things to focus on during your application process to ensure you get the lowest rate possible.

Shop Around

You wouldn’t buy a car without driving a few first, or a mattress without laying down on more than one, right? In a similar way, if you want the best mortgage rate, you should shop around with different lenders. This process should entail researching different lenders and the products they have to offer, as every lender has different loan types, terms, and interest rates. You also should apply for more than …

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AIB to close branches due to pandemic in controversial decision

The covid-19 pandemic and its related lockdowns have had a number of effects on the financial landscape both in Ireland and worldwide. One of the biggest effects has been the shift to contactless payments and online banking. This trend was only increased due to lockdowns, as the bank’s physical locations were closed, leading to more customers accessing their money online or through the bank’s app.

On Tuesday, Allied Irish Banks (AIB) said that it had conducted a “detailed strategic review” to examine the changes in how customers interact with banks. In the review, the bank stated that “Following the unrelenting shift in customer preference for digital banking over the last number of years, AIB is announcing the amalgamation of 15 branches in locations across the country by December this year”. The vast majority of these 15 branches being closed are in urban and suburban locations in Dublin and Cork. Accounts in the closing branches will be moved to neighboring branches, and these closures will leave AIB with 170 remaining physical branches. About 100 AIB employees will be affected by this …

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How do mortgages work?

If you’re looking to buy a home, you’ve probably already realized that this is not like most transactions. The average house price in Dublin is €396,000, and unless you’re very wealthy, you probably don’t have anywhere that much in savings. Because you likely can’t afford an expense of this magnitude out of your own pocket, you will need to finance the purchase through a mortgage, and if you’re new to the home-buying process, you may be a little confused as to how exactly these loans work.

A mortgage is a huge loan secured against the value of your house. A “secured” loan means that the borrower promises collateral to the lender in the event that they are unable to make payments, and in this case, the collateral is your home. In other words, the bank will kick you out and take possession of your house if you can’t make payments. In order to prevent this from happening, the lender will typically conduct a detailed review of the borrower’s finances in order to determine how much they can reasonably afford to …

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How has remote working affected rent prices in Ireland?

Because of the pandemic, so many people across Ireland have transitioned to remote work. While reopening is underway, it will still be some time before the majority of the workforce is back in their offices. During the pandemic, many people who lived and worked in major cities like Dublin found themselves returning to their home counties due to the opportunity to work from home. The Residential Tenancies Board (RTB) has found that a trend may be beginning with this movement of people away from urban centers due to covid-19.

Rents have increased across the State in the first three months of 2021 when compared to that same time period from last year. But perhaps as a reflection of people’s shift to remote work, rents have seen their sharpest increases outside of Dublin. During the first three months of the year, rents as a whole have seen a rise of 4.5 percent compared to the first quarter of last year. The nationwide average rent in euros for this quarter comes out to be €1,320, an increase of €33 when compared with …

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What is an Equity Release and how does it work?

Your equity in your home is how much you own. Think of it as the amount of your mortgage that you have already paid off, or the difference between your home’s market value and what you still owe the lender. So, once you have paid off your mortgage completely, you have 100% equity: you own it entirely. But as the value of your home appreciates, there is no immediate benefit to you in terms of cash. You will not be able to profit from the increase in value until you sell your property, and if you never sell, your estate and beneficiaries will be the only ones who are better off.

An equity release mortgage offers a way around this. These mortgages are becoming increasingly popular for homeowners aged 55 and older, as they give you a way to benefit from the equity you have built up in your home. An equity release involves a lender giving you a portion of the value of your home as a lump sum or a series of payments, in exchange for interest or …

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