The Association of Irish Mortgage Advisors (AIMA) estimated eight in 10 homeowners on a standard variable rate are “overpaying” by hundreds if not thousands of euro every year. That is up to 160,000 families paying over the odds because they haven’t looked at switching.
Over half (52%) of adults in Ireland believe the ideal age to start a family is between 25 and 30 years of age, with 29.5 years being the ideal average age.
This is one of the main findings of a survey of 1,000 adults from around the country, commissioned by Royal London and conducted by iReach, which examined popular attitudes around family and family finance.
A new survey from Royal London has revealed that more women than men feel financially stressed. The survey found that just 10% of adults regard themselves as very comfortable financially, and that 40% of woman deem themselves as ‘struggling’ or ‘stretched’ financially, compared with 27% of men.
Speaking of the findings Liz Murray of Royal London in Kilkenny said “We hear so much about our recovering economy, but based on our survey it’s clear that not everyone has felt the positive impact of this. 24% of people we surveyed found their finances to be ‘tight’, meaning that even though they adhere to a strict budget, they struggle to spend within their means. A further 10% said their finances were ‘stretched’ meaning they regularly find themselves spending beyond their means.”
A relaxation of rules sees some credit unions start mortgage lending from January. Joey Sheahan of MyMortgages.ie says
“It’s absolutely in the consumer’s interest for more competition, and credit unions will be abiding by the prudent lending rules. It’s got easier for first-time buyers overall as banks have broadened criteria around overtime, bonuses, shift allowances and commissions being taken into account for lending limits, if they can be proved. There’s a big demand for the H2B scheme and more houses being built.”
https://www.independent.ie/business/your-money-find-the-right-mortgage-for-you-38739850.html
Sunday Times: Money Q&A: What happens when a second-time buyer and first-time buyer get a mortgage?
Mortgage advice from Trevor Grant, Chairman of the Association of Irish Mortgage Advisors (AIMA)
I bought a residential property in Ireland in 2003 and sold it two years later because I was moving to Dubai for work. I am now back and my partner and I want to buy our first home together. He has never owned a house before. Even though I am a second-time buyer, is there any way that he can be considered a first-time buyer for his half of the purchase?
For mortgage approval and lending rule purposes, a second-time buyer is someone who has previously had mortgage finance on a property. A mortgage applicant who owns a property due to inheritance, for example, but never had mortgage finance, could still be deemed a first-time buyer….
Irish Independent: Stronger credit unions can triple mortgage and business lending after Central Bank rule changes
The Credit Unions Development Association (CUDA) welcomed the alignment of loan volume with asset size and said the regulations would bring “much-needed competition” to the financial services market.
“The regulations will allow many credit unions to do more loans for more people,” said CUDA chief executive Kevin Johnson.
https://www.independent.ie/business/personal-finance/stronger-credit-unions-can-triple-mortgage-and-business-lending-after-central-bank-rule-changes-38715482.html
“There are lots of people thinking about it and talking about it, but I am baffled that I don’t see more people actually doing it and doing it now,” said Joey Sheahan, Head of Credit at MyMortgages.ie.
https://www.rte.ie/news/business/2019/1115/1091157-mortgage-switching/
As the STEM (Science Technology Engineering & Maths) South West Industry and Careers Showcase takes place in Rochestown Park Hotel in Cork, on Wednesday November 13, senior executives in many of Ireland’s leading pharma, life sciences and technology companies took ordinary level maths in their Leaving Certificate.
Financial advisers will tell you it is never too early to start the preparation process. Joey Sheahan, Head of Credit at MyMortgages.ie, said in an ideal world you should begin the process six months before you approach a lender and at the very least three months in advance.
https://www.rte.ie/news/business/2019/1101/1088021-boost-chances-mortgage/
Since its establishment as a non-bank property lender in 2013, Lotus Investment Group has, under the direction of its Dublin-based director, Ian Lawlor, extended more than €350 million in finance to developers and investors active in the Irish market. Those volumes are now set to increase significantly as a result of the the deal struck between Lotus and Meitav Dash last Thursday.
Commenting on the transaction, Lotus Investment Group chairman David Grin said: “This deal is a recognition of the success of Lotus in Ireland. The developers that we have worked with have delivered over 2,000 homes to date. These same developers would have struggled to secure the necessary funds from the main banks.”
