What Types of Mortgages are Available in Ireland?

A mortgage is a type of debt that is secured by real estate. In default payments, the borrower is responsible for repaying the debt. The primary reason for obtaining a mortgage is to purchase a property that cannot be paid in total upfront for an individual in Ireland who cannot afford to pay in cash. The COVID-19 pandemic has shown that financing a mortgage in the modern era of the economic downturn may be more complex and complicated than previously anticipated. In addition to limiting the guidelines, creditors and lending companies appear to pick and choose which people’s lives will improve.

Types Mortgages Available in Ireland

Fixed-Rate Mortgage: It is a type of mortgage with a fixed rate for the loan duration, allowing buyers to estimate the cost of a large purchase while making smaller, more predictable payments over time. Reverse Mortgage: It is a type of mortgage loan that allows the borrower to access the property’s unencumbered value through residential property. Typically, older homeowners are targeted for these loans, which do not require monthly mortgage payments. A reverse …

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Retire young! Retire poor….

The age of retirement is going to rise, within the next five years it has to. There are several reasons, the most immediate being that the state doesn’t have the money to fund retirement at present, other factors are that people are living longer and the combined increase in health care costs to the elderly with the weight of funding pensions means one or the other has to give in eventually.

In October of 2005 Seamus Brennan gave a talk at the Merrion Hotel on the subject of the ‘Issues facing an ageing population’. The statistics are particularly relevant as they have not changed much since then.

(Excerpt) ‘The facts speak for themselves, in 2002 almost half a million people were aged 65 or over. The latest population projections suggest this may increase to 1.1 million people aged 65 and over by 2036. Right now we have almost 5 people working for every pensioner, when the demographic challenges are at their height this will decline to two workers for every pensioner. This fact has …

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