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Irish mortgage interest rates higher than Euro area equivalent

Mortgage interest rates for new loans in Ireland were broadly unchanged for the month of June, with an average rate of 3.38%, significantly higher than the equivalent Euro Area rate of 2.02%. According to the latest survey of interest rates published by the Central Bank,…

General

Local authorities to cut variable mortgage rate by 0.2%

Blog, General, Home, Mortgages & Money, Property News

The variable mortgage interest rate for homeowners with loans from local authorities is being cut by 0.2 per cent. The move, which follows a decision by the board of the Housing Finance Agency (HFA) to cut the rate it charges to local authorities, has been welcomed by…

Mortgages & Money

Permanent TSB boss to answer Finance Committee questions on variable rates

Blog, Mortgages & Money

The issue of variable interest rates on home loans will come under the spotlight again today when another banking chief comes before the Oireachtas Finance Committee. Permanent TSB CEO Jeremy Masding faces questions from TDs and Senators in the latest of a series of meetings…

General

Credit Unions may offer mortgages to customers

Blog, General, Home, Mortgages & Money, Property News, The First Time Buyer

The body representing credit unions has confirmed it is exploring the possibility of offering mortgage loans to members. The Irish League of Credit Unions, which represents more than 500 credit unions, said it was examining the provision of home loans but that such a move…

Mortgages & Money

First time buyers less likely to default

Blog, Mortgages & Money, Promoted, Property News, The First Time Buyer

Research from the Central Bank shows that first time buyers have lower default rates than other participants in the housing market. A recent economic letter from the Central Bank says this could be down to a number of reasons, including the fact that first time buyers do…

Number of borrowers in mortgage arrears down by 11,000 since March

Home, Mortgages & Money, Property News

There are almost 11,000 fewer mortgages in arrears than at the beginning of the year according to new figures from the Department of Finance. The number of loans in arrears for principal dwellings (as opposed to investor or buy-to-let mortgages) was 100,132 at the end…

Number of mortgages in negative equity decreasing

General, Home, Mortgages & Money, Property News

A report by the Economic and Social Research Institute estimates that the number of mortgage loans where the outstanding debt exceeds the value of the property has fallen by 45,000 since 2012. The ESRI said there were 269,000 mortgages in negative equity at the end…

Concern for Irish Nationwide mortgage holders once their loan book is sold

General, Home, Mortgages & Money, Property News

People with Irish Bank Resolution Corporation mortgages are raising concerns that they could lose out on consumer protection when their loans are sold. Liquidators KPMG are selling 13,250 loans originally issued by Irish Nationwide. Half of the mortgages are in arrears. If the loans are bought by…

Central Bank worried about rise in people using moneylenders

General, Home, Mortgages & Money

The Central Bank says people are taking loans from moneylenders for longer periods. It has told the Oireachtas finance committee that the number of people getting loans from moneylenders has risen by 60,000 in the last six years. It says consumers need to be aware…

Retail property market at the bottom, insists Kennedy Wilson

Commercial Blog, General, Home, Industry News, Property News, The Investor, The Overseas Investor

Kennedy Wilson, the US real estate giant that has invested heavily in Ireland since the crash, has called the bottom of the market here for retail property. Peter Collins, who runs Kennedy Wilson Europe from its Dublin office, said retail would be “the big story” of 2014. He said…