Mortgage gap now at record level as some homeowners are paying over €7,000 extra a year The gap between good value and expensive mortgages is now so wide that the highest rate in the market is double the lowest one. Mortgage rates now range from 3.45pc to over 7pc, according to the Irish Independent Doddl.ie Mortgage Switching Index for the first quarter of this year. It means some homeowners could be overpaying a record average €7,812 more […]
The European Central Bank is on course to start cutting interest rates in June. Rates could be cut four times before the end of the year. Some commentators expect the so-called refinancing rate to come down from 4.5pc at present to 3pc by the end of the year. This would provide a huge boost the 180,000 homeowners on trackers, those on variable rates, people trapped with vulture funds that will not let them fix their […]
How raising a mortgage deposit can take 2 years in some areas — and 28 years in others New figures show record number of new buyers getting home loans approved despite it taking years to save for deposit Record numbers of first-time buyers are getting approved for a mortgage – despite the fact that the average time it takes to save for a deposit is now close to five years. Figures from the banks show […]
Central Bank expects housing completions to hit 35,000 this year Economists at the Central Bank think new home completions will rise to 35,000 this year and increase further in 2025 and 2026. That would bring delivery in line with current Government targets but short of where many experts assess demand. In its latest Quarterly Bulletin of economic data and forecasts published today, the Central Bank predicts what amounts to a ‘soft landing’ for the economy, […]
Homeowners face a €587 a month hike as they roll off their fixed rate mortgage Avant Money’s head of mortgages sees huge cost shocks in store – and his firm is positioning itself to take advantage of situation Around €9bn worth of mortgages are set to roll off of relatively low fixed rates in the next three years and onto higher ones, according to an analysis of Central Bank data. The analysis by Avant Money, […]
Average mortgage rates fall for third month in a row Mortgage rates have fallen for the third month in a row despite no major reductions in lending rates by the main banks. The average rate being paid for a new mortgage in December was 4.19pc, a decrease of 0.06 percentage points from the previous month. However, this is up 1.5 percentage points from a year previously. The decline in rates in December has been attributed […]
Mortgage holders hit by rate hikes can now claim tax credit from Revenue Homeowners hit by mortgage rates hikes last year will be able to claim tax relief on their payments from today. The new scheme was announced in last October’s Budget and enables any mortgage holder that paid an increased rate last year to claim up to €1,250 in a tax credit. PAYE workers can get the credit through Revenue’s MyAccount service. But they […]
Vacant Property Refurbishment Grant explained: the pros and cons of scheme made famous by ‘Room to Improve’ architect Dermot Bannon Interest in vacant and derelict rural houses has increased massively thanks to the Vacant Property Refurbishment Grant. In the context of a severe housing shortage, soaring urban rents and the mainstreaming of remote work, the abandoned cottage on a half-acre at the end of a boreen suddenly becomes very attractive as a home, a home […]