Home Brokers http://www.homebrokers.ie/blog Independent Property and Financial Consultants Mon, 06 Sep 2010 12:57:53 +0000 en hourly 1 http://wordpress.org/?v=3.0.1 Irish Nationwide mortgage rate change http://www.homebrokers.ie/blog/?p=234 http://www.homebrokers.ie/blog/?p=234#comments Mon, 06 Sep 2010 12:57:20 +0000 Paula http://www.homebrokers.ie/blog/?p=234 The following rates will apply for New Business after close of business 27/08/2010               Homeloans             Product Rate Cost Per Thousand APR* Variable Rates   15yrs 20yrs 25yrs 30yrs   LTV Variable Rate <=50%  3.05% 6.93 5.57 4.77 4.24 3.10% LTV Variable Rate >50%<=80% 3.10% 6.95 5.6 4.79 4.27 3.10% LTV Variable Rate >80% 3.35% 7.08 5.72 4.93 4.41 3.40% Fixed Rates             2 Yr Fixed <=50% LTV 3.15% 6.98 5.62 4.82 4.3              3.7% 2 Yr Fixed >50%<=80% LTV 3.30% 7.05 5.7 4.9 4.38              3.7% 2 Yr Fixed >80% LTV 3.50% 7.15 5.8 5.01 4.49              3.8% 3 Yr Fixed <=50% LTV 3.25% 7.03 5.67 4.87 4.35              3.7% 3 Yr Fixed >50%<=80% LTV 3.45% 7.12 5.77 4.98 4.46              3.7% 3 Yr Fixed >80% LTV 3.65% 7.22 5.88 5.09 4.57              3.8% 3 Yr Fixed FTB Rate 3.35% 7.08 5.72 4.93 4.41              3.7% 5 Yr Fixed Rate 4.75% 7.78 6.46 5.7 5.22              4.3% ]]> http://www.homebrokers.ie/blog/?feed=rss2&p=234 0 Mortgage Lending and the Market http://www.homebrokers.ie/blog/?p=230 http://www.homebrokers.ie/blog/?p=230#comments Thu, 02 Sep 2010 09:00:34 +0000 Paula http://www.homebrokers.ie/blog/?p=230 Mortgage Lending in Ireland is currently constrained due to a number of key factors.Restrictive lending criteria for all categories of borrowers are currently in place, and have become progressively restrictive in the past 2 years (with further material restrictions applied in the last  3-4 months).  Lending criteria is particularly restrictive for non-first time buyers (FTBs) where the average loan to value maximum is 80%.  First Time Buyers can avail of up to 90% loan to value where they meet other stringent assessments of affordability, credit history, employment security and bank account conduct. Lending criteria has been progressively tightened as lenders have had to ring-fence greater ratios of Tier 1 to satisfy the Financial Regulators requirements for liquidity.  Additionally, wholesale borrowing costs for Irish banks continue to rise and present challenges to the profitability of taking on new mortgages to the balance sheet. Thirdly, the Financial Regulator (following sustained criticism of the lack of activity in controlling the growth of mortgage lending credit 1999-2008) has taken a more intrusive and instructive approach to the detail of the Irish lenders credit policies and risk appetites – including making specific, and conservative, directives regarding the appropriate levels of loan to values, repayment capacity ratios and use of other features used in lending assessments (i.e. ending the practice of including room rental allowances towards repayment capacity). Finally, there is some evidence that potential borrowers are reluctant to move to make a purchase whilst there is continued discussion and opinion in the media that house price values still have some way to fall before reaching the bottom, effectively damaging consumer confidence in the transaction.

On the positive side it should be noted that there are signs of improvement and opportunity in the market. The CEO of PTSB has indicated that they will return to more normalised levels of lending towards the end of 2010. House affordability levels are back to those last seen in 1995 (EBS/DMK Survey). The majority of lending being approved currently is to FTBs (with the two main retail banks having committed to lending circa €500m between them in 2010). Estate Agents indicate increased sales activity, whilst noting that the main obstacle to completions is the availability of mortgage finance. Provisioning and impairment levels in some of the banks is now beginning to receed in respective of prime mortgage borrowers.

]]> http://www.homebrokers.ie/blog/?feed=rss2&p=230 0 Central Bank and Financial Regulator to Clamp Down on First Time Buyer Mortgages http://www.homebrokers.ie/blog/?p=228 http://www.homebrokers.ie/blog/?p=228#comments Wed, 18 Aug 2010 22:56:18 +0000 Paula http://www.homebrokers.ie/blog/?p=228 The Central Bank and Financial Regulator are set to intervene when concerns exist regarding a lack of safeguards with regards to the underwriting of First Time Buyer mortgages. Measures which are expected to be enforced are:

- Implementation of LTV (Loan to Value) ceiling, as recently announced by the EBS Building Society

- Capping of loan to income multiples

- Limiting the term of mortgages

- Disallowing room rental for qualifying purposes

- Imposing new income verification procedures

With First Time Buyers representing the largest buying group in the 1st half of 2010 this will undoubtedly further reduce the number of mortgages being approved and contribute towards falling house prices.

]]> http://www.homebrokers.ie/blog/?feed=rss2&p=228 0 Global Mortgages http://www.homebrokers.ie/blog/?p=224 http://www.homebrokers.ie/blog/?p=224#comments Wed, 18 Aug 2010 21:33:33 +0000 Paula http://www.homebrokers.ie/blog/?p=224 Mortgages across the globe for main residences, second homes, works, buy to let and leaseback and equity release at 2.70% fixed for 3 months then Euribor3m + 1.80%. Interest only available. Contact Home Brokers Ireland + 353 (0)818 333 603.

]]> http://www.homebrokers.ie/blog/?feed=rss2&p=224 0 Weekly Investment News from Zurich http://www.homebrokers.ie/blog/?p=221 http://www.homebrokers.ie/blog/?p=221#comments Fri, 16 Jul 2010 18:42:46 +0000 Paula http://www.homebrokers.ie/blog/?p=221 http://www.homebrokers.ie/blog/wp-content/uploads/2010/07/Weekly_Investment_News.pdf

]]> http://www.homebrokers.ie/blog/?feed=rss2&p=221 0 Existing mortgage holders with Haven feel the pinch for the second time in 3 months http://www.homebrokers.ie/blog/?p=217 http://www.homebrokers.ie/blog/?p=217#comments Fri, 16 Jul 2010 18:16:59 +0000 Paula http://www.homebrokers.ie/blog/?p=217 Haven Mortgages, a subsidiary of the EBS Building Society has increased its variable mortgage rate for existing customers by 0.60% for the second time in the past three months, despite no change in the ECB base rate or increases in rates for new customers. Despite a fleeting interest in retaining mortgage customers during the good times, it appears that existing customers are once again the easy target for profit hungry mortgage lenders. Borrowers might want to consider fee free switcher opportunities that exist in the market…

]]> http://www.homebrokers.ie/blog/?feed=rss2&p=217 0 DOE Housing Market Review http://www.homebrokers.ie/blog/?p=214 http://www.homebrokers.ie/blog/?p=214#comments Thu, 15 Jul 2010 22:21:05 +0000 Paula http://www.homebrokers.ie/blog/?p=214 http://www.homebrokers.ie/blog/wp-content/uploads/2010/07/DOE-Housing-Market-Review-2009.pdf

]]> http://www.homebrokers.ie/blog/?feed=rss2&p=214 0 Jim Power: Economic Outlook ‘Irish Economy technically emerged from recession’ http://www.homebrokers.ie/blog/?p=210 http://www.homebrokers.ie/blog/?p=210#comments Thu, 15 Jul 2010 21:49:06 +0000 Paula http://www.homebrokers.ie/blog/?p=210 It is likely that the Irish Economy has technically emerged from recession. however this will not yet be felt at a consumer level. Read Jim Powers full report http://www.homebrokers.ie/blog/wp-content/uploads/2010/07/Economic%20Outlook%20June%202010.pdf

]]> http://www.homebrokers.ie/blog/?feed=rss2&p=210 0 NCB Financial Commentary UK and Ireland http://www.homebrokers.ie/blog/?p=206 http://www.homebrokers.ie/blog/?p=206#comments Thu, 15 Jul 2010 16:33:35 +0000 Paula http://www.homebrokers.ie/blog/?p=206 http://www.homebrokers.ie/blog/wp-content/uploads/2010/07/NCB-Financial-Commentary-090710_PW.pdf

]]> http://www.homebrokers.ie/blog/?feed=rss2&p=206 0 Daft House Price Report Q2 2010 http://www.homebrokers.ie/blog/?p=201 http://www.homebrokers.ie/blog/?p=201#comments Tue, 13 Jul 2010 15:58:31 +0000 Paula http://www.homebrokers.ie/blog/?p=201 http://www.homebrokers.ie/blog/wp-content/uploads/2010/07/Daft-House-Price-Report-Q2-2010.pdf

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