property

Greed knows no bounds: Rise in mortgage rates

Greed knows no bounds: Rise in mortgage rates

Although the European Central Bank (ECB) left its rates unchanged yesterday for the 11th month in a row Bank of Ireland followed AIB today by announcing an increase in their standard-variable rates. The increase from 2.6% to 3.1% for both existing and new customers will add an extra €80 a month to the repayments of a €300,000 mortgage.

Thousands of homeowners who are vulnerable (and already hard-pressed,) to these rising mortgage rates are now being warned that they have seven days to act. Commenting on the rate rises Karl Deeter of Irish Mortgage Brokers said, “There is a very short window of opportunity now for those seeking security around the level of their future mortgage repayments to act fast before the rates increase further.” He continued, “These rises come in a year of cuts, levies, higher tax costs and deflation. It seems their greed knows no bounds.” …

Buy of the week:  Duninga House, Co. Kilkenny

Buy of the week: Duninga House, Co. Kilkenny

Duninga House, Gorsebridge, Co. KilkennyBuy of the week this week is located in Co. Kilkenny. Daninga House, which is located just outside Bagenalstown is an 18th Century mansion house and sits on approximately 47.7 acres!

Partially restored this period property was planned to become a country house hotel but unfortunately due to whatever reason (probably money!) the project was never realized and now finds itself on the market. Included in the sale of this period mansion house is; some 997 square meters, an original stone courtyard, a walled kitchen garden with 14 completed holiday lodges, a derelict gate lodge, a range of stone outbuildings, good pasturage and attractive woodland, along with river walks and oh ya, 47.7 acres of land! …

Apartments for €69,950: Would you buy at this price?

Apartments for €69,950: Would you buy at this price?

Apartments for €69,950: Would you buy at this priceApartments at Tailteann Court in Mullingar which is less than an hour outside Dublin city centre, go on sale this weekend for as little as €69,950.

The 63 apartments which were originally put on the market for €202,000 failed to sell a single unit and are now being sold for less than two thirds of their original asking price.

Director of the Irish Mortgage Corporation Frank Conway, who is assisting with the sale this weekend said that the monthly repayments for one of these apartments would be cheaper than a car loan and also the equivalent monthly cost total of a 20 a day cigarette habit.

“If a person were to take out a mortgage of €75,900, their net payments would be only €264.85 per month. If we compare this to a car finance payment, let’s say they borrow €15,000, interest rate 10%, four-year loan, the repayments would be €380.44. Not only that but if you buy a pack of 20 cigarettes per day for one month this would cost €263.50. For just over €1 more, you could own a two-bed property,” he said. …

345,000 vacant homes in Ireland

345,000 vacant homes in IrelandAccording to a report published by the Urban Environment Project at University College Dublin, there are no less than 345,000 empty houses or apartments in the State. This figure equates to just under 18% of all housing in the country.

This enormous oversupply of homes available in the Irish property market is a number well above recent figures released by both the National Institute of Regional and Spatial Analysis (Nirsa), based in NUI Maynooth and the Construction Industry Federation (CIF). Of course both groups defended their research with CIF stating that their 40,000 figure from the Irish Home Builders’ Association was the number of new, unsold homes in the State and did not include other categories such as second homes.

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