Thinking of moving home in 2024?

Firstly, I would like to wish you all a Happy New Year.

As many of us spend more time at home during the Festive season than we do throughout the year, we often look back and reflect on the past year and start thinking about potential changes we might make in 2024.

A lot of us will be thinking of moving home this year, maybe the family grew in 2023 and you are looking for more space, where as some people will be looking to downsize as their children move into a new home of their own. Maybe you are working remotely now and want to relocate to a different County? These are just some of the many reasons that you may wish to move home in 2024.

Many questions will be swirling around in your head, such as – How much can I borrow? What will my repayments look like? How can I save money? These are some of the many queries we are here to help you answer. Pick up the phone or drop me an email and …

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Securing Your Dream Home: The Deposit Requirement

When embarking on the journey of homeownership, one crucial aspect that often comes into focus is the deposit. In Ireland, the question arises: Does a customer always need to have a 10% deposit? In this article, we delve into this important question, shedding light on the deposit requirements for prospective homebuyers in various scenarios. Understanding these requirements is essential for individuals looking to enter the property market with confidence and clarity.

The Importance of the Deposit

Before addressing the specific deposit requirements, let’s recognize the significance of this initial investment. The deposit plays a vital role in securing a mortgage and demonstrates the buyer’s commitment and financial capability to lenders. It also affects the loan-to-value (LTV) ratio, which determines the percentage of the property’s value that can be financed through a mortgage.

Deposit Requirements for First-time Buyers

For first-time buyers in Ireland, the answer to the question is straightforward: Yes, a customer must have a 10% deposit. This means that potential homeowners need to have saved at least 10% of the property’s purchase price before applying for a mortgage. Once …

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Mortgage Myths Busted

Mortgages for anyone can be confusing, especially for young people or first time home-buyers. There are several common misconceptions or myths when talking about mortgages. Here we will set the record straight and bust those mortgage myths. 

It is NOT true that you have to be an existing member of a bank to get approved for a mortgage. Mortgage applications are assessed on a case to case basis. Being established at a bank already does not affect the outcome or make you more or less likely to get approved. Existing members also do NOT get better agreements. 

Having evidence of gambling will NOT exclude you from being able to get you a mortgage. Having several transactions to online gambling websites may raise some concerns to lenders but occasional transactions will not strike your eligibility and will not be held against you. 

It is NOT impossible to get a mortgage if you’re self-employed. Many people think if you’re self employed it is challenging to get a mortgage and a home. Being self-employed does not exclude you from being approved from getting …

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When Do I Know If I’m Ready to Own a Home?

The decision to become a homeowner is a significant milestone in one’s life. It represents a step towards financial stability, independence, and the opportunity to create a place of your own. However, before taking the plunge into homeownership, it’s essential to assess your readiness. Let’s explore key indicators that can help you determine when you’re ready to own a home.

Financial Stability

Financial stability is a crucial factor to consider when contemplating homeownership. Evaluate your current financial situation by assessing your income, expenses, and debt obligations. Consider factors such as job security, income growth potential, and the stability of your financial foundation. Ensure you have a reliable source of income to cover mortgage payments, property taxes, insurance, and maintenance costs. Building an emergency fund for unexpected expenses is also vital. Having a stable financial position gives you confidence in your ability to meet the financial responsibilities that come with owning a home.

Debt and Credit Management

Assess your debt and credit situation to gauge your readiness for homeownership. Lenders typically consider your credit score and debt-to-income ratio when determining loan …

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The Rise of Green Mortgages

In recent years, individuals and businesses have become more conscious of the need to address environmental challenges and support sustainability practices. In recent years, the concept of green mortgages has emerged as an innovative solution to encourage new or existing homeowners to invest in sustainable properties while also getting financial benefits. In this article, we will explore the idea of green mortgages, their benefits, and also their potential negative impact.

 

What is a Green Mortgage?

A green mortgage is a type of loan that is designed to generally offer a lower interest rate to borrowers who buy or improve their home to meet specific energy-efficient requirements. In order to be approved for a green mortgage, the building needs to meet a minimum BER (building energy rating) in order to be considered for a green mortgage. These green mortgages are able to promote sustainable living and reduce negative environmental impacts. 

 

Benefits of Green Mortgages

Energy savings: One of the main advantages for green mortgages is the opportunity to have significant energy savings. Green homes are more energy efficient than …

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Comparing Mortgages in Ireland to Mortgages in the United States

 

The mortgage market is a vital component of the housing sector, enabling individuals to purchase homes by providing them with long-term financing options. While mortgages serve a similar purpose in different countries, their structures and features can vary significantly.

First, we take a look at the different mortgage types. In the United States there are fixed-rate mortgages which are predominantly offered and provide a fixed interest rate for the loan’s duration. There are Adjustable-Rate Mortgages (ARMs) and the interest rates can fluctuate based on market conditions and typically offer an initial fixed rate for a specified period.There are FHA Loans which are backed by the Federal Housing Administration and provide accessible financing options for low-to-moderate-income borrowers. Lastly, there are VA Loans which are guaranteed by the Department of Veterans Affairs and are exclusively available to eligible military veterans and their families.

In Ireland there are Variable Rate Mortgages which are commonly offered with interest rates subject to change in response to market conditions. The Tracker Mortgages are tied to the European Central Bank (ECB) rate and offer borrowers …

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The Shifting Landscape of Ireland’s Mortgage Market: Examining the Impact of Bank Exits

The recent developments in Ireland’s mortgage market has triggered significant changes. A large contribution to these changes is the exit of two major banks, KBC and Ulster, from Ireland. This has left a significant impact on the mortgage industry, affecting both consumers and the market. In this article, we will explore the positive and negative effects resulting from the shrinking mortgage market and assess the potential opportunities that businesses have during these changes. 

Decreased Competition

A significant concern regarding the departure of the two banks is the decrease in competition within Ireland’s mortgage market. Reduced competition can have many unintended consequences that may be hard to recognize. One concern for the decreased competition is the fact that it may suppress innovation among industry players. Without the presence of competitive pressure it often leads to businesses not producing critically thought about products and services for their customers. In addition, without adequate competition companies could get too comfortable and this could be seen through companies offering higher interest rates and services that prioritize the company’s interests of customer satisfaction.

The Possibility of …

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AIB Mortgages

AIB advertised their mortgages extensively. Therefore, the first thing you notice when you visit their website is a section on mortgages. They have an appealing and good structured website where you can find a calculator, make an appointment, and learn some information about your situation. A video about a couple who obtains a mortgage from AIB is also available. In this video, the clients explain how that works. They claimed to be extremely glad to accept the mortgage from this bank because everyone there is polite and helpful. AIB has professionals that can explain everything to you about mortgages and your options. They also have an App that gives clients a good overview. Additionally, the fact that clients can upload their documents from home makes everything simpler for them. You may find a wealth of general and situation-specific information on mortgages on their website.

AIB has a community spotlight on their website where you can watch a video about the important work being done for the local community and the advancement of the transition to a sustainable living. They …

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Compare Mortgage Rates of Irish Lenders

The ECB will continue to raise the interest charges over 2% by the end of the year 2022. In 2023 it will be up to over 3%. If you are a first time buyer you must have 10% of the  whole house price. If you have more than 10%, your rates will be lower. There are a lot of products out there and you must have a look at which one is the best for you. There are  products for first time buyer, second time buyer, self builder and switcher. Some of them have  some special products like green mortgages or for renovator.  

The following companies were compared: Bank of Ireland,  Finance Ireland, Avant Money Mortgages, ICS Mortgages,  Permanent TSB, Haven, AIB, EBS. 

Bank of Ireland has a lot of offers when you get a mortgage. If you get your first mortgage with this bank, they will give you 2000€ for saving up. They also have a  cashback system, so if you take a mortgage there they will give you 2% cashback of the mortgage and 1% extra cashback if …

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Mortgage rate offerings in Ireland

There are two main types of mortgage rates in the Irish market, a fixed mortgage rate and a variable mortgage rate. Lenders have focused on offering more favourable offers of fixed-rate mortgages.

Currently, all of the top 24 mortgage deals on the fixed rate market has an APR of less than 2.7%. As a result, more than 80% of new mortgages are currently fixed rate mortgage deals and people will almost certainly be better off with a fixed rate mortgage. This is the downside of a fixed period. The rate available to you will depend on the size of the loan you need divided by the value of the home. The lower the value of the loan (LTV), the cheaper the rate is. It’s a good idea to talk to a broker or mortgage sash and choose the lender most likely to approve you. Mortgage advisers are usually free to use because their creditors pay them commission. So working with a broker often gives you access to better rates.

Mortgage rates: AIB Group: Variable rates 90% LTV mortgages from 3.15% …

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