Higher Loan Growth Expected as the Pandemic Lifts

Spain’s large lender company: Bankinter, which currently owns Avant Money, has published new research results. These results predict the outcome of loan growth and higher lending income across its citizens and markets as lower provisions led to its 4th-quarter profits to fall less than in previous quarters.

The lender identified possible success within its Irish market business. Especially for the reason of offering credit card, home, and mortgage loans. After releasing these research results, we saw Banklinter’s shares rise by more than 7% this past Thursday after it stated that is their net interest income would be growing in 2021 despite the negative interest rates in the first half. Net Interest Income (NII) is defined by the difference between the company’s’ earnings on loans and the costs.

Bankinter’s chief financial officer, Mr. Diaz, has spoken up and told analysts that the company is expected to show strong actives of loan growth in both mortgage and consumer lending in Ireland, Spain, and Portugal. This is shown by Net profit at the bank falling to 8.7% to €97 million compared to €115 …

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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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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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The best places in Bulgaria where you can buy proper

Property in Bulgaria

Bulgaria has shaken off its image as a hardy ex-communist state and has quickly become one of Europe’s more popular holiday destinations. The glittering Black Sea Coast, excellent ski resorts, historic towns and incredible scenery are attracting record numbers of visitors and investors. Property in Varna, property in Albena and property in Burgas – all beach resort towns – offer all of the traditional fun in the sun, but with fewer crowds and often a more attractive setting, as well as great value. The marks of Balkan culture are dotted across Bulgaria’s diverse landscape. Medieval villages, striking churches, ancient ramparts and picturesque castles can all be seen in the hills and valleys. The country’s main cities are fascinating, vibrant and historic. Sofia boasts an array of architecture from Roman, Ottoman, Byzantine, Revival, Turkish and Slav influences, while Plovdiv contains one of the fines Roman amphitheatres in Europe. Head to the mountains and you can find property in Bansko and property in Borovets; Bulgaria’s popular ski resorts which are fast gaining a reputation as some of the best …

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How to buy properties in Bulgaria

Hello my name is Hristo Dimitrov. I’m a student from Varna Bulgaria. I’m new to Irish Mortgage Brokers.

Today my topic is how to buy properties in Bulgaria

 

-First time buyers

When Bulgarian people are buying a home, they have some problems researching the right home for themselves.

They are also not familiar with how to buy a home. They always have problems and some may come across real estate fraud. So I will show you some helpful tips to follow:

Estimate your budget.

It is important to know how much money you are willing to spend on buying an apartment and navigating the cost of housing in your city.

Don’t do it yourself

Get a mortgage. If your own funds are not sufficient but you have a stable income, get a mortgage. Today, banks issue loans for ten to thirty years.

Get ready – wait for a new building.

Primary housing, that is, apartments in new buildings, are, on average, cheaper than second homes. They also have no legal history. And if the developer sells the property, …

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How to buy a house in Germany

The property prices in Germany depends on the location of the property (for example living environment and view), the features of the land and of the building (for example the size, the number of rooms and the type of the house). About fifty percent of the people who rent an apartment want to buy a house, but the costs for a one or two-family house in Germany are on average two thousand five hundred to three thousand euros per square meter. Many people cannot afford that.

To get a mortgage in Germany they must be at least eighteen years old and have equity of at least twenty percent of the mortgage value. Many legal regulations concerning the purchase of a house can be found in the Civil Code.

People who want a mortgage must submit various documents to the bank to prove their creditworthiness. For example, the bank requires the last three salary statements, the last income tax assessment, current pension information and the proof of further loans. Self-employed persons must provide additional evidence, for example an extract from the …

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New Offers for Social Housing at Staggering Prices

A developer by the name of Pat Crean has offered 36 apartment for social housing to a local Dublin authority. Pat Crean’s Marlet development group offered to construct the apartments for the Dundrum area of Dublin. The Marlet group comprises of one of two fast-track housing applications for the Dundrum area of Dublin. The other part of the fast track housing application is formed by the Crekav Trading GP. Crekav Trading GP has proposed to sell 25 apartments from its overall planned 253 apartments in Greenacres, Longacre and Drumahill house. These 25 apartments have an estimated cost of €8.346 million.

The 36 apartments have been estimated at a cost to construct of €11.8 million. Meaning that on average the cost per apartment amounts to €327,888. In comparison, the Crekav trading GP’s 25 apartments have an average cost of €333,840.

The median home value in the Republic equates to €237,000. In comparison to the united states the median home value is $226,800. Adjusted to euros the median cost of a home in the US amounts to only €200,363.09. While the average price per …

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BPFI Housing Market Monitor Report Explained

The Banking & Payments Federation Ireland released their latest Housing Market Monitor report today. It consisted of many different numbers and statistics that will be explained in this blog.

Ireland has consistently seen a large influx of newcomers recently. In the first quarter of 2019, it was reported that the number of housing commencements increased by 31.6% compared to the first quarter of 2018. Additionally, 5,800 housing commencements were registered during that same time period. These numbers are good signs for the Irish people. An increase of new construction will help out with the shortage of houses available and allow for a continually growing economy.

In response to the increase in number of housing projects, one would also expect the number of mortgages given out to increase as well. Mortgage approvals grew 9.2% in the first quarter, while mortgage drawdowns increased by 8.9%. Increase in the number of mortgage approvals can raise some red flags. Mortgage defaults can be deadly for both parties involved, however, with Ireland’s growing economy, defaults should not be an added worry.

The major increases in …

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Expanding Housing & Development: New Sites

Three new building sites have become available for development. As of early this week, Savills brought three properties to the market that will allow for development. The properties are located near Citywest Business Campus in Dublin, Kilkenny, and north Dublin.

The Citywest property is listed on the market for the price of €5.6 million. The site has been defined as 9.7 acres amounting to a little more than €1.7 million per acre. The property is also available at €3.25 million for one 5 acre plot or 4.7 acre plot. The objective of this property was defined as to “to provide for enterprise and employment-related uses”. This new property listing can be greatly beneficial for Dublin. Introducing a 10 acre plot can be developed and create new jobs and housing.

The second property in North Dublin that has been listed at a starting price of about of €2 million. This lot amount to about three acres. The price per acre is about €1.5 million. The property has planning permission to develop 35 residential units, and may have potential for an additional five homes …

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