Rapid Rebound of Economy after Covid-19

Goodbody Stockbrokers has predicted that the Irish economy is expected to see a “rapid rebound” after the COVID regulations and restrictions are lifted. In the latest report, the firms have predicted that the economy could grow by as much as 5% this year assuming that the vaccine rollout is as scheduled and efficient. The driving factors behind this predicted surge in economic growth can be attributed to two factors: the nearly €13 billion increase in household savings across Ireland during quarantine and the pent-up customer demand for services and goods.

This trend could be seen clearly in the partial reopening in December, with a huge influx in demand across the market. But with the economy reopening and people’s livelihoods returning to normal, there calls to be a careful movement towards returning to normal. It is currently estimated that around 36% of the Irish workforce are currently reliant on some form of government support. That equates to nearly 900,000 individuals that are vulnerable financially if removed from these programs too forcefully. Government implements for incentives to rehire and retaining the job …

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House Buying in Ireland

Buying a new home or property is possibly one of the most daunting tasks out there, especially for first-time buyers or international buyers. There are many regulations to keep in mind, and here is just a small list of actions to take that will make this process so much easier.

1: Builder: Contact a local builder and request them to look at the prospective property. They will be able to tell you how much additional work needs to be done for the property, and generally advise the state of the property.

2: Electrician Check: If you have the contact, call in a favor from an electrician to check the wires for issues and maintenance.

3: Structural survey: This will be an investment, and you’ll be surprised at the number of faults this check can find within a property, no matter how pretty the house may look from outside. The usual cost is around €1.5k, but worth it in the long run, if you are to meet large issues.

4: Deposit: Buying international means that you may have to put in …

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What does Quarantine’s End Mean for Property Prices?

Dublin property agents predict that local property prices can see as large as a 5% increase as the lockdown regulations are lifted in the upcoming months. Many agencies have reported a large influx of registered potential buyers, some firms even registering nearly tripe the number as the same period in past years. This rush of buyers is largely due to the pandemic putting stops to many families’ plans of setting and signing mortgages. For others, it may be the desire to invest in a discounted property before prices skyrocket. Regardless, the sudden increase in demand for properties is sure to cause discrepancies within the real estate market.

Several factors driving demand include the strength of new mortgage approvals in the last quarter of 2020, and the growing availability and willingness of mortgage-lending rule exemptions of banks to offer to potential borrowers in 2021. There has also been a large group of potential buyers who have recently obtained loan approvals and are potential targets for these mortgage-lending rule exemptions in the past 6 months.

As for the number of properties in …

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Stop Overspending

Everyone is open to a great deal. If you know an item is really high quality and something you will use often there is no issue making room for that in your budget. Tracking how much you spend is something an individual should not overlook. Tracking helps people create alertness for some areas to cut back especially in the areas where you wouldn’t notice the difference.

Here some items people overpay for and how to correct them.

1: Monthly metro card.

For those who live in the city, many workers and students find it easier to buy an unlimited card rather than buying one for each trip. It may be convenient but is it really worth it? Most individuals before the pandemic would ride about 8 trips each week on the subway. Metro transportation companies know that. That is where they trick their riders. The typical individual would not calculate the ride each month and how much they could actually save if they bought individual tickets instead.

2: Dry cleaning.

All of us have special clothing we need to keep …

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What Led to the Global Crisis?

Everyone has been affected in some way by the Global Financial Crisis of 2008, whether they realize it or not. And what led up to this bubble and crash was in large part due to Mortgage-backed securities. These securities were very attractive to the public, with higher interest rates and highly rated by credible credit rating agencies like Standard and Poor. And with the sudden market demand in the housing and real estate industry, many of these mortgage-backed securities had funding that was put into the market, which eventually built up a self-made cycle. People wanted to buy houses and so the mortgage was sold to banks by mortgage companies. This led to banks packaging the mortgage with other investments and the mortgage-back securities were sold to investors. The investors’ money was then used to create more money for mortgage lenders to therefore offer. Due to the contributing funds, the public that had lower credit scores started to skip on their mortgage payments. Many companies were sunk due to poor mortgage lending decisions.

But while inadequate mortgage and mortgage-back securities …

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First-Time Mortgage Buyers

The COVID Pandemic may have been a financial detriment to many, but there are also families that have been saving due to the lack of activities to participate in. After the lift of quarantine, there is expected to be a rise in the real estate industry. With so many individuals looking to find a mortgage plan, we have comprised a couple of tips on how to use your money more efficiently.

The first major actions to take are opportunities to boost your credit file. If you look online, there are thousands of articles on how to do so. But for an official site, there is none better than the Money Advice Service list. Here are just a couple of ways to improve your credit score:

1: Pay your bills on time. This may sound obvious, but many people overlook this. With being able to pay all your bills on time, there will be no more drops in your credit score, and it can only go up from there.

2: Register yourself on the electoral roll. This is such a quick …

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The Growing Trend of Taking Longer Mortgages

According to a newly done study by the Nationwide Building Society; in the past year, nearly 70% of first-time buyers took out a mortgage beyond the traditional term of 25 years. This starkly compares to how less than a decade ago, that rate was less than 50%. There was a 45% rise in first-time buyers taking out an initial term of more than 25 years.

The longer the mortgage period, the higher the overall costs will be, even with a lower interest rate. The total significant costs for the mortgage can lead to the consumer paying for more than expected. It is calculated that taking a mortgage plan from 25 years to 35 years can have an increase in the total payment of the mortgage by nearly 40%.

While the market house prices continue to rise, the earnings of these first-time buyers have changed little. This creates a significant barrier for first-time buyers to make a deposit. A study shows that having a 20% home deposit nowadays is equal to 104% of the pre-tax income of an average full-time worker. …

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Quarantine Leading to a Rise in Property Prices

As the COVID quarantine still impacts our daily lives by forcing people to work from home and limit public interaction, the predicted property prices in Ireland are said to skyrocket as much as 6% this upcoming year. In the newly released annual review today by The Society of Chartered Surveyors Ireland (SCSI), out of their three agents, two of them predicted an increase in property rates in 2021.

While that 6% is said to be an average across Ireland, different areas are predicted to have slightly varying inflated rates. For example, Dublin, as the area with the highest current prices, is predicted to see an average increase of 3% in property prices. But for other areas such as Leinster and Munster, are predicted to have price increases of 4% and 5 % respectively. Some areas are predicted to see price increase reflecting this past year within the range of 1-3%, yet other areas are predicted to experience price increases that could even reach 8%.

According to SCSI’s vice president; TJ Cronin, many of these seen increases in prices are said …

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Tips to Switching Your Mortgage

Changing your mortgage plan may very well be the best or worst decision you can ever make. If done well, it could relieve you of a lot of financial stress and help save you a large amount of money. This seems like such a big task, so we have broken it down and listed a few tips on how to get started!

First, understand your current situation. What are your scheduled payment amounts and how does that affect your budget? What type of mortgage do you have right now? Do you have an interest-only mortgage, a pension mortgage, an annuity mortgage, or a different type of mortgage? Most importantly would be the current interest rate you are paying. And all these factors can make a difference when changing mortgages and if that transition is for you. For example, with a standard variable rate (the rate you will be charged at the end of your fixed interest rate), switching can save a lot of money.

Second, make sure to do your own research and speak to multiple banks and mortgage brokers. …

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How to get a mortgage in Germany

The rights to a real estate property that are held by the person who owns the property (house, land, apartment etc.) are given to a bank in order to receive other benefits in return. These benefits are usually cash benefits. The mortgage is used in banking as security for loans. The possible amount of the mortgage is determined by the value of the property. Mortgages can be given by banks. In case people need help regarding mortgages there are different branches that can help. Mortgage brokers help people to arrange the mortgage between the borrower and lender and a real estate agent helps buyers and sellers find or sell a property. Getting a mortgage has several advantages such as that the interest rates are generally lower than for other types of borrowing and that a mortgage is easy to repay due to it is repaid little by little on a monthly basis. But a mortgage can also be disadvantageous because the interest rates on mortgages are changing from time to time and can increase suddenly o the borrower has to pay …

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