Month: May 2010

Should the taxpayer provide support for struggling borrowers?

Should the taxpayer provide support for struggling borrowers?

Mortgage Arrears: Should the taxpayer provide support for struggling borrowers?“Mortgage arrears may just be the biggest legacy issue from the financial crisis” commented Mr. Elderfield (Head of Financial Regulation at the Central Bank) at a packed gathering in the RDS during the week.

One of the main talking points of the meeting was on how to provide support for struggling borrowers. Fine Gael social and family affairs spokeswoman Olwyn Enright said there was a clear need to help those who genuinely cannot pay their mortgage. Congress president Jack O’Connor added; “It is absolutely inconceivable that we are able to pour billions into the black hole of the Anglo Irish Bank without any prospect of a cent in return, while at the same time ordinary citizens who are doing their best to put a roof over their families are being crucified and left helpless as a result of the activities of speculators and parasites…”

Mortgage Arrears: Biggest Legacy of the financial crisis?

Mortgage Arrears: Biggest Legacy of the financial crisis?

Mortgage Arrears: Biggest Legacy of the financial crisis?Speaking about new figures released by the financial regulator today on Mortgage arrears Head of financial regulation at the central bank Mr. Elderfield said that mortgage arrears may just be “the biggest legacy issue” from the financial crisis. According to the updated figures released the financial regulator the number of homeowners missing monthly mortgage repayments increased again in the first quarter of this year, rising by 13%. At the end of March, 32,321, close to 4% of all residential property loans in the state with a value of €6.1 billion were more than 90 days behind in payments.

While many have raised the question about helping householders with substantial mortgage arrears Mr. Elderfield said that there is “No silver bullet solution… and in seeking to assist households in difficulty, we need to recognise that the cost of any support will be borne by those neighbours who avoided excessive borrowing themselves or are gritting their teeth and meeting their obligations.” Taxpayers would have to bear the cost of any support mechanism over arrears, he said.

Most expensive rental property; Raglan Road, Ballsbridge Dublin 4?

Most expensive rental property; Raglan Road, Ballsbridge Dublin 4?

Raglan Road, Ballsbridge Dublin 4At €15,000 a month is this property at the junction of Raglan and Elgin Road possibly the most expensive residential rental property in Dublin?

So, €15,000 a month; why so expensive, what’s so special about it? This three story, 5 bed roomed (all ensuite) Georgian property is situated in a prime and central location of Dublin i.e. Ballsbridge, “D4” and is so close its practically neighbours with most, if not all embassies.

Household Water Charges: There maybe trouble ahead

Household Water Charges: There maybe trouble ahead

Water Charges: There maybe trouble ahead.A good news story for all householders around the country today on hearing that the proposed water charges to be introduced by the Government to all 1.1 million households in the State by 2012 maybe now in doubt!

Major doubt over the planned roll-out of water charges for domestic households came about when it was reported that local authorities are currently have difficulty in forcing businesses to pay their water charges, with councils reporting unpaid bills totaling €77m!

Buy of the week: Mayfield Manor, Fieldstown, Swords

Buy of the week: Mayfield Manor, Fieldstown, Swords

Buy of the week: Mayfield Manor, Fieldstown, SwordsBuy of the week this week is Mayfield Manor, a new build located outside Swords in North County Dublin. While it may seem a little pricey at €895,000; here’s why, like L’Oréal, it may just be worth it;
Described in the brochure as “an impressive property providing an uncompromising quality of finish and attention to detail while also maintaining an air of understated luxury” this property sits on approx 0.7 acres and has a whopping 5 bedrooms three which are ensuite and four have walk in wardrobe (ideal amount of storage for any women who has an extensive collection of clothes, handbags and shoes!).

Kanye West lists LA property for a mere €3m

Kanye West lists LA property for a mere €3m

Kanye West lists LA PropertyRapper slash hip-hop producer Kanye West has put his Hollywood Hills home on the market for a mere $3,995,000 or the equivalent of €3,185,972.20 in yo yos to be exact. The price is so below the extorted prices of Hollywood and the property world of the celebrities than one media source in the US had to clarify that “no — that sale price is not a typo, it’s missing an extra digit.”

Empty houses: Should they be given to those in need?

Empty houses: Should they be given to those in need?

 Empty houses: Should they be given to those in need?According to the annual report released by Homeless agency Focus Ireland this week, there are currently 5,000 people without accommodation in Ireland with a further 100,000 households waiting for local authority housing.

Following the publication of their report the charity has called on the Government to use empty houses left over from the boom to provide accommodation to those most in need. They asked how “thousands of homes were lying empty in every county when more people than ever before were living in inadequate, overcrowded, unsuitable and insecure shelter“.

3 Properties for €200,000 in Co. Meath

3 Properties for €200,000 in Co. Meath

3 Properties for €200,000 in Co. Meath

This weeks three featured properties are all located in Co. Meath and all three are priced at €200,000! All properties are deemed good value for money which would make ideal first time buy or family homes. First on the cards is 50 Fitzherbert Court, a 3 bed semi property located in Navan. The property is described as a spacious house in walk in condition and boasts a maintenance free exterior with ample parking. Take a closer look at 50 Fitzherbert Court, Navan

Property Tax likely to be introduced

Property Tax likely to be introduced

Property Tax likely to be introducedWhile we escaped the introduction of a property tax in the last budget it seems that we might not be so luck next time round. The previously much talked about property tax reared its ugly head again just before weekend when our Taoiseach Brian Cowen mentioned during an interview that the Tax is currently being considered for inclusion in the next Budget.

While most, if not all homeowners in the country are financially hard-pressed at the moment, Brian Cowen justified the tax by comparing it to the second home / holiday home tax that was introduced last year “It was a simple tax, it was complied with and it worked well. We have got to look at other areas such as that … not because you’re trying to just impose taxes for the sake of imposing taxes — we have got to keep expenditure down”. Not only that but he also said that he said,

Debt forgiveness: A NAMA for the people?

Debt forgiveness: A NAMA for the people?

Debt forgiveness: A NAMA for the peopleIncreasing numbers of homeowners are struggling to pay off mortgages across the country and negative equity is becoming a major issue for a large segment of Ireland’s population. Many hard-pressed, financially vulnerable homeowners are now caught in a debt trap and it has been estimated by year-end that 350,000 homeowners will be in negative equity. While other economies are slowly coming out of recession, if our homeowner debt situation is not addressed it could greatly hamper our chances of recovery.

On RTE’s Monday night program, “Aftershock: Where to now”, Matt Cooper suggested that the state should step in with a “swap of debt for equity” scheme which is commonly used to rescue companies that get into difficulty, to stop them going bust. “The swap of debt for equity is not pain free for the borrower, as they would lose part ownership of their home but it would make their repayments more manageable.”

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