Getting a loan can be extremely hard to achieve, especially in today’s Irish economy. With higher interest rates than usual, many people who have successfully gotten a loan may be looking for an opportunity to refinance in a few years to come.
Refinancing would not be beneficial for those people who are repaying loans. This is largely due to the banks uncertainty as the Brexit date draws closer. Banks are afraid that there will be an economic crash that will leave people with loans unable to pay the banks back at their projected rate. These fears are outwardly displayed in the form of high interest rates and low amounts of accepted loan applications.
The current interest rates rely heavily on the type of loan that you are receiving, but can vary significantly. The most common forms of loans are mortgage, auto, and personal. In any of these agreements, the interest rates are high in comparison to previous years.
Refinancing in the future may be key for many of the people who are currently being approved to take out …