Irish Independent: Your Questions: We’re expecting another child, so should we get income protection cover?
The birth of a child is a regular trigger for evaluating one’s financial well-being. Mortgage protection means your mortgage could be cleared if you were to pass away.
According to Sara Murphy of Royal London, income protection is designed to pay you a monthly amount, linked to your salary, if you were unable to work due to an accident or illness for a sustained period.
Giants of Ireland’s tech sector were celebrated at last night’s it@cork Leaders Awards. A social media platform which aims to improve employee engagement at work, Workvivo, was voted Tech Startup of the Year.
A recent survey commissioned by protection specialists Royal London shows that women are more likely than men to worry about family, (17% versus 14%) while men are more likely to worry about health and work – and interestingly even more likely to lose sleep over romantic relationships (7% versus 4%).
Irish Independent: Your Questions: How can we move house and hold on to our tracker mortgage?
According to Joey Sheahan, Head of Credit at MyMortgages.ie, the answer is that you can retain your tracker. But obviously you will have to stick with the same lender and transfer your tracker rate to your new mortgage.
According to Kevin Johnson, CEO of CUDA (Credit Union Development Association) it is not recommended to put the cost of the holiday on your credit card. This is because it will cost more in interest. Also, because there’s no set repayment schedule, it’s too easy for us to slow the repayment or just pay the minimum and end up with quite a bit outstanding 12 months down the line.
As a new survey by tax refund specialists Taxback.com finds that over 70% of Irish renters don’t believe they’ll ever be able to find a home, company spokesperson Mark Corcoran said the survey clearly illustrated the “new reality for a whole generation of Irish people”.
Independent: ‘Nigh on impossible to save for a deposit’ – most renters fear they will never afford to own their own home
According to a new survey commissioned by Taxback.com, the majority of renters are pessimistic about being able to afford a home. A survey of renters countrywide found that seven out of 10 of them believe they will never be able to afford to buy a property to live in. And large numbers also worry about being able to afford the rent, such have been the increases in the cost of accommodation lately.
Irish Independent: Your Questions: Will switching to N26 for banking affect my mortgage application?
According to Joey Sheahan, who is Head of Credit at MyMortgages.ie, it is worth noting that N26 is actually a bank in the technical sense. It is regulated by the central bank in Germany, and it is also protected by the €100,000 bank deposit guarantee scheme that Irish bank customers are protected by. Revolut is not, as yet, classified as a bank. But it is going through the regulatory process, he said.
Irish Independent: Your Questions: Should I use my pay increase to reduce my mortgage, or save it?
Expert advice on your mortgage questions from Joey Sheahan, Head of Credit at MyMortgages.ie
“Banks are paying little or no interest on deposits, so you probably would not be doing yourself any favours by saving this extra cash.”
According to Joey Sheahan of MyMortgages.ie, “Permanency in employment is certainly a pretty significant deciding factor when applying for a mortgage. However, it is not prescriptive, and banks will take other factors into account. The good news is that is sounds like you are in a pretty good position – having a proven track record of income and earnings.”
