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 …

Read More →

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 …

Read More →

Unlocking Financial Freedom: Paying Off Equity Shares

In the realm of homeownership, equity shares have emerged as an innovative solution for individuals aspiring to step onto the property ladder. While equity shares provide a valuable opportunity to own a portion of a property, questions often arise regarding the flexibility of payments and the ability to pay off equity in lump sums. In this article, we will explore the intriguing possibility of making lump sum payments towards equity shares in Ireland and shed light on the specific guidelines governing this process.

Understanding Equity Shares 

Before delving into the intricacies of lump sum payments, let’s first grasp the concept of equity shares in Ireland. Equity shares, also known as shared ownership or shared equity, allow individuals to purchase a percentage of a property while the remaining portion is owned by a housing association or the government’s affordable housing scheme. This arrangement enables prospective homeowners to access the property market with a more affordable initial investment.

The Power of Lump Sum Payments

Now, let’s address the pressing question: Can a customer pay lump sums off their equity share in Ireland? …

Read More →

How to buy a property in Germany

To be able to buy a property in Germany you must be extremely well prepared. The real estate market is currently in the seller market, which means that the seller has a better market position than the buyer due to the high demand. For a house purchase in Germany to succeed, you have to consider the following.

First of all, and this is the most important point, is financing. To improve creditworthiness, you need to raise a high level of equity. That’s why it’s important to start saving early. Only when you have saved enough money, you can ask the bank for a loan. In order to get a loan from one, some requirements apply. On the one hand, you must have reached the age of 18, on the other hand, you must be able to prove that you have a German residence. Furthermore, the conditions apply that you may not have any debt entries and should have a sufficient regular income. In the price calculation step, the ancillary costs should not be ignored. These usually amount to an additional …

Read More →

How to get a mortgage Ireland

There are many factors which play a huge role in your mortgage deal. Before starting to look for a house you should check with the lenders to get a statement of how much they are able to lend you. So you will know in what price range to look for a house.

The factors are: Your credit score – past payment history and borrowing behaviour [the higher score the better. The lower credit score you have the more you overpay.] Your debts – the less debts you have the better. If you owe too much, you will have to take out smaller mortgage or pay off your debt before you apply for a mortgage. Your work history – To get a mortgage you have to provide a proof that you are employed and have steady income and job [switching jobs all the time is not a great look for lenders]. Your down payment – The lender usually wants you to put money down so they have some sort of protection. Ideally 20% of the cost of your home [so you …

Read More →

Mortgage arrears in Ireland fall despite pandemic’s economic effects

Over the past year, the covid-19 pandemic has caused many economic challenges for Irish citizens and people worldwide. Between level 5 lockdowns, business closures, and soaring levels of unemployment, it would be logical to believe that people may be falling behind on payments, especially mortgages, which are most people’s largest and most important monthly payment. However, recent data shows that the number of mortgages in arrears actually  decreased during the first quarter of 2021, despite level 5 lockdowns and record high unemployment rates.

Recent data from the Central Bank shows that the number of family home loans in arrears decreased by 2,838 during the first three months of 2021. During this period, the Covid-adjusted unemployment rate hit its peak of 25.1 per cent in early January, as thousands of businesses were forced to close their doors due to level 5 lockdowns. This is surprising given that the number of people behind on their mortgage payments actually decreased, while conventional wisdom would expect to see an increase in arrears. This contrast suggests that government supports, such as pandemic unemployment benefits, have …

Read More →

Is state intervention required to stop ‘cuckoo’ funds from buying homes?

We spoke to Newstalk about the idea of whether the state needs to intervene to stop ‘cuckoo’ funds from buying up homes. This is because the sale of a housing estate became a national press story due to a fund coming in to buy it up.

It is understandable that people are upset, there are buyers who had set their hopes on living in those properties, but that emotion can’t eradicate the fact that renters are people too and they also need homes, family homes. Or that there are people who may not want to buy or can’t afford to who need family homes.

These things all need to be considered and it isn’t as simple as saying it’s universally good or bad, the clip will help to make this clear.

Read More →

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 …

Read More →

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 …

Read More →

Paying Off Mortgage During the Pandemic

Many people have found themselves struggling financially as the COVID pandemic drags on for longer than expected. In this, having to pay your mortgage may be one of the largest stressors for most. With that, there are some actions you can take to help deal with this.  

Always ensure effective communication with your lender. Speak with them if you are struggling to manage your finances and come up with a plan or budget system to repay your mortgage. If you are unable to repay, do not cancel or stop your direct debit without speaking and communicating with your lender first. On top of that, if you are unable to repay your mortgage in full every period, if you can repay it in a smaller amount than usual, then you should do that.

But even with everyone’s financial struggles during this period, the lender is not exempt from helping their clients. The lender may find that many of their clients are having issues with paying the mortgage in full and should be accommodating. But with that, the lender must also keep …

Read More →
  1. Pages:
  2. 1
  3. 2
  4. 3
  5. 4
  6. 5
  7. 6
← Older Entries