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HAVEN MORTGAGES FIXED RATE CHANGE

Please find attached details of changes to fixed rate products effective Tuesday 24th November 2009.  In summary:

Homeloan Rates

•           1 year fixed rate increases to 3.64% (APR 2.8%)

•           2 year fixed rate increases to 3.64% (APR 2.9%)

•           3 year fixed rate increases to 3.54% (APR 3.0%)

•           5 year fixed rate unchanged at 4.29% (APR 3.5%)

•           10 year fixed rate increases to 4.85% (APR 4.5%)

Investment Rates

•           2 year fixed rate increases to 4.99% (APR 4.8%)

•           3 year fixed rate increases to 4.99% (APR 4.9%)

•           5 year fixed rate increases to 4.99% (APR 4.9%)

: THE RATE APPLICABLE AT DRAWDOWN SHALL BE THE RATE AVAILABLE FROM HAVEN MORTGAGES LIMITED ON THE DATE OF DRAWDOWN. THIS RATE MAY BE HIGHER OR LOWER THAN THE ABOVE QUOTED RATES.

Mr. Michael Finneran, T.D., Minister for Housing and Local Services, has just announced the extension of the Home Choice Loan Product to include second hand homes.

The scheme is now being amended to reflect the changed preferences of first time buyers by including second hand homes from 1st January 2010.

An amended Credit Policy will issue shortly.

Home Choice Loan is currently available to first time buyers of new homes or new builds, subject to a maximum loan of €285,000, depending on income, maximum loan to value ratio of 92%. Minimum income thresholds also apply. Applicants must be in permanent employment for two years, or, if self-employed be able to submit two years certified accounts, and must provide evidence that they could not obtain sufficient finance from two banks or building societies.

A standard variable rate applies. This is currently set at 3.35% variable (APR 3.40%).  The mortgage term is for a maximum of 30 years.  All normal credit assessment procedures apply.

Bank of Ireland (and ICS for business arranged via mortgage intermediaries has recently announced a new mortgage package for home owners wishing to trade up…

• Highly competitive rates – from 2.35% (2.4% APR) variable and 3.09% (2.8% APR) fixed.
• €250 cash – Customers trading up will receive €250 cash for mortgages drawn down (cheque cashed) by the 30th of June 2010.
• €500 million fund - Bank of Ireland Group, including ICS Building Society have put in place a dedicated fund of €500 million for customers trading up.
• 20% off with Oman Removals - Our package includes a discount of 20% off furniture removal or storage costs with Oman Removals.

Blog supplied by Hertigae Insurance Group (www.hig.ie)

House insurance premiums are increasing substantially with minimum increases of 25% expected due to increasing claims.

Make sure you review you buildings and contents sums insured. Remember the buildings should be based on the rebuild costs and not the market value of your home. A guide to calculating your rebuilding costs is available here courtesy of RSA.

When getting quotes for your house insurance, make sure it includes accidental damage, check what excess is applicable in the event of a claim, check if there is a no claims discount applicable, and check if they give you all risks as standard.

The average house price now stands at £162,764, from £162,038 in October.

The average house price is currently at a similar level to where it was in early 2006.