Banks have been accused of ‘discriminating’ against mortgage customers for cutting green lending rates while leaving other rates untouched
AIB and its subsidiaries EBS and Haven cut their green mortgage rates, but not other home-loan rates
Banks have been accused of “discriminating” against mortgage customers by cutting green lending rates while leaving other rates untouched. It comes after AIB and its subsidiaries EBS and Haven cut their green mortgage rates, but not other home-loan rates. The gap that has opened up between a typical green rate from AIB Group and a non-green rate means borrowers are now paying an additional €3,400 a year if they do not qualify for a green rate.
Leading broker Michael Dowling said this was “unfair and discriminatory”. Green mortgage rates are lower and are available for properties with a Building Energy Rating (BER) of B3 or higher. AIB and its subsidiaries EBS and Haven have cut their green mortgage rates by 0.2 percentage points. The new rates are available to both new and existing customers. The lender said the reductions will mean its three brands will offer the lowest green mortgage rates in Ireland. The AIB Green five-year fixed rate, for a loan-to-value (LTV) ratio of less than 50pc, goes from 3.65pc to 3.45pc. The same fixed rate for those with an LTV of 80pc to 90pc goes from 3.85pc to 3.65pc.
The EBS Green four-year rate goes from 3.75pc to 3.55pc, and the Haven four-year rate goes from 3.65pc to 3.45pc. These rates are also available to customers who have a mortgage loan with AIB Group if their home has a BER rating between A1 and B3 and there are more than five years left on the loan. Customers taking up the new lower rate can save around €387 annually with a green mortgage, AIB said. According to the Sustainable Energy Authority of Ireland (SEAI), in the first half of last year, more than 19,000 upgrades were completed. AIB said people who have retrofitted their home may also qualify for a green mortgage. Mr Dowling, of Dowling Financial in Dublin, said it was unfair that first-time buyers who were unable to secure a newly built home were being hit with much higher mortgage rates when they buy a second-hand home.
“I am concerned with that, the gap between ‘green’ and ‘non-green’ rates is increasing. This is an unfair process and discriminates against first-time buyers and second-time buyers that are not buying a new home or a home with a high BER,” he said. He gave an example of a first-time buyer couple, borrowing €300,000 over a 35-year term. This couple has a 90pc loan-to-value ratio. If they qualify for a five-year green fixed rate from AIB, the rate will be 3.65pc. This will mean monthly repayments will be €1,231, Mr Dowling said. But if the borrowers do not qualify for a green rate, they will be charged 5pc for a five-year fixed-rate mortgage by AIB. Monthly repayments will be €1,514. “The difference is €283 per month, or € 3,396 per annum, or €118,860 over the term of the mortgage,” Mr Dowling said. Last year, first-time buyers who took out mortgages bought 16,985 second-hand home and 8,606 new homes, he said.
Therefore, AIB Group, Bank of Ireland and PTSB, which offer similar discounts for green mortgages, will earn substantially more interest on the buyers of second-hand home customers. “In my opinion, it is a cynical exercise to boost profits hiding behind the ‘green’ agenda,” Mr Dowling said. Meanwhile, a study from the Central Bank found that borrowers who locked into good-value fixed rates as the European Central Bank (ECB) was hiking its interest charges saved an average of €2,000 a year from the move.
News by independent.ie, (Charlie Weston).
Latest news
Things worth noting
-
Nine out of 10 first time buyers get parental help
From government equity lending schemes to the Bank of Mum and Dad, would-be homeowners need all the support they can get First-time buyers are […]
-
4,850 buyers approved under First Home Scheme in its first 2 years
Over 1,900 homes have been bought using the First Home Scheme since its launch in July two years ago. The First Home Scheme, a €480m […]
-
Thousands apply for State’s shared-equity scheme in bid to buy their first home
Close to 5,000 people seeking to buy a home have been approved for the Government’s shared equity scheme. However, the First Home Scheme reported that […]
-
Who is buying a home in Ireland today? The changing profile of first-time buyers
First-time buyers are getting older, buying smaller homes and are not necessarily in a couple. Some urban areas other than Dublin are seeing relatively low […]
-
Scheme to help first-time buyers to be extended to more people
Extension of First Home Scheme follows latest of its scheduled twice-yearly reviews of the price ceilings A €480 million fund set up to help […]
-
Alan Shatter: Our inheritance tax system is state-approved grave robbery
The ethics of such a form of taxation and interference with the freedom of parents to secure the future of family members deserves serious questioning […]
-
Cash only, please: why you can’t buy some properties if you need a mortgage
When a property goes to market seeking a cash-only buyer, it’s sometimes down to construction, planning and boundary issues. A 12-bed property in Co Galway […]
-
Vulture funds in the spotlight as High Court ruling raises new questions
The business model of vulture funds that buy mortgages and other assets, and use credit servicing firms to act on their behalf, faces increased scrutiny […]
-
Relief for people with tracker mortgages as three ECB rate cuts on the cards this year, economists believe
The move by the European Central Bank (ECB) to cut its key lending rate this week could be followed by two more reductions before the […]
-
Sunnier days ahead for mortgage customers as ECB prepares to cut rates
European Central Bank is set to reduce rates this week for the first time since its aggressive campaign of hikes began in July 2022 The […]
-
Government is criticised for failing to reduce interest rates charged on council mortgages
The Government and county councils have been criticised for failing to cut the interest rates charged on local authority mortgages. The fact that those who […]
-
Is Dublin still an option for first-time buyers?
People who grew up in the capital used to be able to live within reach of family, but for many that ship has sailed Would-be […]
-
Arrival of first overseas bank since Celtic Tiger a ‘win’ for consumers
Bankinter decision to target savings rates will be welcomed by Irish customers who largely have their money in ‘on demand’ accounts offering paltry returns The […]
-
Brokers warn that housing subsidies are inflating new home costs
There’s nothing like squeezed interest rates and toe curling mortgage rate increases to focus the mind. But not all mortgage schemes are the same. In […]
-
Would you get a 35-year home loan? The real cost of marathon mortgages
The days of paying off a 20-year mortgage in your 40s are over, for most of us longer loans mean paying more – but there […]
-
Buyers of older homes may pay thousands more per year in mortgage repayments
How green is your mortgage? The incentives to buy an A or B rated home are rising, but many cannot get hold of new-builds and […]
-
Bank of Ireland’s new mortgage product could force buyers into more debt, broker says
The move by Bank of Ireland to give mortgage discounts to homeowners as long as they have some form of energy rating would force large […]
-
June interest rate cuts will give relief to tracker mortgage holders
The question remains whether banks will pass on the rate reductions straight away. The answer is ‘no’, other than for tracker mortgage holders. The inflation […]
-
Boost for mortgage customers on the way as ECB set to deliver June interest rate cut
European policymakers are on track to deliver an interest rate cut in two months’ time after the rate of inflation in the eurozone fell by […]
-
Here is a way to encourage ‘empty nesters’ in bigger houses to downsize
Bridging loans are no longer available, but their return could help those wanting to move to a smaller home and help free-up the Irish second-hand […]
-
What 70,000 Irish mortgage holders should do with their fixed-rates this year
Following the unprecedented hikes in the European Central Bank interest rates since the summer of 2022, mortgage holders can at last look forward to rate […]
-
It doesn’t look wise to lock in your mortgage at 4.75% or more
Turning points can often be challenging when managing your personal finances. And no more so than in the important area of mortgage rates. With the […]
-
Homeowners face jump of up to €170 a month on mortgage repayments in move from fixed rates
Thousands of mortgage-holders coming off fixed rates this year face significant hikes in their monthly repayments. They have been warned not to wait until the […]
-
Uncertainty for Irish mortgage households as ECB ponders when to start cutting interest rates
Some ECB officials caution against sanctioning rate cuts but others have made more dovish predictions Financial planning for Irish household mortgage holders and for […]
-
Is it ever wise to buy a home with a friend to escape the rental trap?
The pitfalls of getting a mortgage with a friend or relative – and how to protect yourself You go on holidays together, split the […]
-
Irish mortgage experts warn of tough decisions as ECB meets
Markets are betting the ECB will have reduced rates by 1.5% by the end of the year, but will hold fire for some months yet. […]
-
Is it time to say goodbye to Help to Buy?
Sinn Féin says it will abolish it if elected while a Department of Finance report concluded that it should be withdrawn “when the timing is […]
-
Austrian-owned MoCo reduces interest rates for Irish borrowers
The mortgage startup soft launched in the Irish market in November last year Austrian-owned mortgage start-up MoCo is cutting mortgage interest rates for new […]
-
Interest rates are coming down in 2024- what does this mean for first-time buyers?
Despite the warnings from the IMF and ECB, rates are only going one way. New entrants to the housing market need to carefully assess their […]
-
Investors warned to avoid cryptocurrencies ‘like the plague’
Leading wealth manager Rory Gillen has advised investors to avoid cryptocurrencies “like the plague”. His comments come in response to last week’s approval of an […]
-
Living in financial fear: ‘The past year my monthly mortgage payments have gone up by €559. At one point, I essentially had a two-month panic attack’
Rising mortgage rates amid the cost-of-living crisis left writer Liadán Hynes suffering panic attacks and sleepless nights — until she found help… I have […]
-
Looking for a mortgage in 2024? There’s good and bad news
Stable interest rates will benefit prospective homebuyers in 2024 but a lack of second-hand housing could mean some are disappointed, mortgage experts say. With […]
-
Purchasing first home could be back within financial reach
The First Home Scheme has revolutionised the ability of households on modest incomes to acquire a new property Amid the ongoing debate about the […]
-
Avant Money to make mortgage switching process easier, announces new switching incentive
Mortgage provider Avant Money has today announced a simplified mortgage switching process and switching incentive for customers. Avant Money said it will make the process […]
-
Interest rate cuts are coming in 2024 – what does this mean for your mortgage?
A lot depends on which type of loan you hold and how much remains on your balance. We have moved into the “phoney” war […]
-
Spotlight falls on the high cost of tax incentives for home buyers, builders, and landlords
There are questions about who benefits and whether the various housing-related tax incentives work, writes Eamon Quinn It’s the most important issue for voters, […]
-
Markets bet ECB could cut interest rates as early as March
Irish fixed-rate mortgage holders may benefit from lower-than-anticipated rates well before any official cut from the ECB As many as 70,000 households whose current […]
-
PTSB cuts interest on a fixed-rate mortgage but hikes variable cost
PTSB has become the second lender to cut a mortgage rate since the European Central Bank engaged in a succession of interest rates hikes. The […]
-
Too old to buy? The challenges of buying a house when you’re older
Irish homeowners are getting older. According to a new report from Banking & Payments Federation of Ireland (BPFI), the median age of first time buyer […]
-
Rate hikes see new property buyers hit with extra €3,300 in repayments
A huge rise in mortgage rates in the past year has made it vastly more expensive for first-time buyers to purchase a new home. Repayments […]
-
Shift in sentiment on ECB rates, with cut on the cards in months ahead
Following the European Central Bank’s (ECB) interest rate hike in September, financial markets were still placing some weight on a scenario whereby there could be […]
-
Giving tax relief to tracker mortgage holders ‘daft and unfair’, say experts
The announcement of tax relief for tracker mortgage holders in the Budget has been described as “unfair”. Finance Minister Michael McGrath unveiled a tax relief […]
-
Borrowers hit with huge hike in interest rates charged on new local authority mortgages
There has been a huge increase in the interest rates charged on local authority mortgages. The fixed rates are rising by up to 0.65 percentage […]
-
What another interest rate hike this week will add to your mortgage repayments
All tracker mortgage holders will see their rates rise within one month which will bring the average tracker mortgage rate to 5.65% if a 0.25% […]
-
David McWilliams: Ireland’s ‘nepo-baby buyers’ are creating a two-tier housing system
Towards the end of 2022, the concept of the “nepo-baby” jumped from the internet world to the mainstream following a series of articles in the […]
-
Home Truths: Outrageous conveyancing delays are killing house sale deals, so where are the solutions coming from?
Increasing numbers of buyers are losing out on their dream homes; falling at the final hurdle in the sale because the legal process attached to […]
-
If you’re going to buy crypto, here’s some advice
Speculate only with what you can afford to lose, and don’t forget about tax if you do make money. They said it was a […]
-
Price of a house is up 25pc since coalition took office, property report shows
Young buyers are forced out of the market as IPAV calls for radical reform to ‘very sick’ and ‘disjointed’ housing system. The cost of […]
-
David McWilliams: Ireland’s banks are simply not lending
Banks are afraid to lend and parts of the economy are strapped for cash In any economy, the job of a banking system is […]
-
Irish savers should move cash as AIB and Bank of Ireland sit tight
It feels like the entire country went to bed one night in early August and set the alarm clock for 2008. The country’s banks found […]
-
Mortgage offers expiring because of legal delays, estate agents say
People are losing out on mortgage offers because of legal delays, estate agents say. A majority (84pc) of real estate agents surveyed by the Institute […]
-
David McWilliams: Irish banks are at it again, cheating savers out of their money
Our banks are the most rapacious in Europe when it comes to lending and borrowing. The solution is obvious. Fifteen years after being bailed out […]
-
Banks’ Profits Labeled ‘Obscene’
Banks’ profits are “obscene” and are being driven by higher interest rates that have not been passed on to customers with savings accounts, the chair […]
-
‘Gouging their customers’ – Profits at Irish banks are ‘obscene’, says chair of Dáil watchdog
Profits at Irish banks are ‘obscene’ and are being driven by higher interest rates that have not been passed on to customers with savings accounts, […]
-
Your personal finance questions – I have a good tracker mortgage but rate rises are hurting, so is it finally time to give it up?
Plus, retirement bonds, and the importance of a credit history. Q: I am on a good tracker mortgage. The rate is 0.5 percentage points […]
-
Mortgage costs mount for second hand buyers
The European Central Bank has raised interest rates eight times in the last year with its base lending rate now at 4%, with a further […]
-
AIB is accused of discriminating against buyers of second-hand homes
AIB has been accused of discriminating against buyers of second-hand homes. It comes after the banking group increased its fixed and variable rates for AIB, […]
-
Fixed rate mortgage households face €3,540 hike in annual repayments
European Central Bank head Christine Lagarde has set the scene for a further rate hike. European Central Bank (ECB) head Christine Lagarde has set […]
-
Ombudsman rejects couple’s ‘reckless lending’ claim on €2.4m loan used to buy seven properties
Couple, one of whom was a bank employee, had a combined salary of €100,000 when they took out loan during Celtic Tiger A couple who […]
-
Irish mortgage arrears will ‘inevitably’ rise as ECB pledges more interest rate hikes
Core price pressures moderated by less, meaning there is probably still at least one more hike to come to ensure the 2% inflation target is […]
-
Irish borrowers warm to green mortgage rates — but is it worth it?
A home as cold as Charlie Chaplin’s cabin in The Gold Rush could be eligible for a loan to boost its building energy rating. […]
-
Mortgage rates set for another summer of rises, experts warn
The European Central Bank is likely to increase its key lending rates two more times before the end of the summer, according to experts. It […]
-
Irish banks accused of ‘window dressing’ over small increases in saving deposit rates
PTSB said it was increasing the rates it pays savers by 0.25% across the range of its deposit accounts, while Bank of Ireland earlier this […]
-
Why Irish homeowners are facing a mortgage timebomb
Interest rates are close to a hitting plateau, say finance experts, but successive rises have left households vulnerable. The end is in sight for […]
-
Credit unions take on banks with some of the lowest mortgage rates in the Irish market
Credit unions around the country have emerged as offering some of the cheapest mortgages. The member-owned lending institutions are ramping up their mortgage lending in […]
-
Think long and hard before surrendering your tracker mortgage rate
Your tracker margin, how long is left on the loan, whether it’s your home or an investment and your personal financial circumstances will all influence […]
-
We need a minimum of two more lenders in Ireland
A relaxation of mortgage rules will be countered by the increase in rates The new year will begin with good news for mortgage customers who […]
-
The experts’ view – what will happen to house prices, mortgage rates, health insurance and more in 2023
The year just gone will go down as a rough one for our wallets and purses. We were hit by extraordinary increases in the cost […]
-
What will happen to Ireland’s mortgage holders in 2023? Five experts on fixed and tracker mortgage outlook
Homeowners will have to absorb interest rises amid the cost of living squeeze, according to five experts Five of Ireland’s leading mortgage experts told The […]
-
Trackers on €300k mortgage face €7,000 payments pain
The warnings come after market participants said on Friday that the ECB could hike interest rates much higher than once thought. Tracker mortgage households could […]
-
Explainer: What is a lifetime loan and how do they work?
Many older people will consider themselves asset rich, cash poor. This means most of their money is locked up in assets, like their home. Equity […]
-
Borrowers should prepare for a new cycle of mortgage hikes by the main banks
Banks are poised to embark on a cycle of fresh mortgage rate rises, borrowers have been warned. Bank of Ireland announced yesterday it was increasing its […]
-
Mortgage rates drop to lowest level in years – but warning variable rate customers now in ‘last-chance saloon’
MORTGAGE rates have fallen to their lowest level in years. This has prompted warnings to people on expensive variables to grab their last opportunity to […]
-
Irish homeowners need to act fast for decent fixed rate mortgage
Anyone attempting to weigh up their mortgage options lately would have been kept on their toes, with barely a week passing without a big change […]
-
ECB hikes could drive Irish mortgage rates to 5% by next summer
From this year, a household on a tracker mortgage of €300k could see its repayments rise by almost €450 a month. The European Central Bank […]
-
Mortgage delays: thousands risk being forced onto higher interest rates as banks too slow on switcher applications
Completing a move to another lender is now taking up to four months due to logjam as customers rush for alternative loans. Thousands of homeowners […]
-
Buyers struggle to get mortgages as rising prices limit loan offers
The surge in the cost of living is making it harder for prospective homebuyers to get approval for a mortgage. Would-be borrowers have less money […]
-
Consumer watchdog puts focus on hidden costs of cashback mortgages
Competition and Consumer Protection Commission addresses deals that cost first-time buyers large sums of money over the lifetime of their loans. The State’s competition watchdog […]
-
Financial pain for mortgage holders as ECB increases interest rates by 0.5%
The European Central Bank has raised interest rates by 0.5% to combat surging inflation, which is approximately 9% across the euro area. This is the […]
-
Michael Dowling: Irish banks to benefit from ECB rate hike
Irish mainstream banks will benefit more than their European counterparts by higher interest rates as net interest income accounts for 80% of Irish retail banks’ […]
-
Mortgage holders in rush to lock in fixed rates ahead of ECB increases
Large numbers of homeowners who are exposed to interest rate rises are rushing to lock in to good-value fixed rates, it has emerged. In a […]
-
Mortgage repayments could rise by €300 per month
Hundreds of thousands of mortgage holders could face a hike of up to €300 a month in their repayments as interest rates begin to rise […]
-
Mortgage borrowers should fix at truly long rates to beat ECB hikes
Most of us cannot hedge against rises in groceries, utilities, or fuel — but there is an opportunity to cushion ourselves against rising interest rates […]
-
Locking into fixed rate ahead of interest rate rises could save you tens of thousands
A first-time buyer (FTB) could save tens of thousands in the first ten years of their mortgage by locking into a fixed rate mortgage ahead […]
-
Mortgage rates in Ireland rise at highest amount in five years
MORTGAGE interest rates in Ireland have gone up by the largest amount in almost five years. This is despite the European Central Bank holding back […]
-
Fresh start – new proposals to treat divorced and separated couples as first-time buyers
Divorced people will get a second chance to be home owners after a relationship breakdown under measures designed to recognise how “Ireland has changed”. Housing […]
-
Why Ireland has limited fixed interest mortgage rates
This newspaper has flagged the strong likelihood of the European Central Bank (ECB) increasing interest rates by the fourth quarter of 2022 with more increases […]
-
Triple inflation shock as fuel and groceries surge in price — and home loans are set to follow suit
Consumers have been hit with three further cost hikes as petrol and diesel hit 30-year highs and grocery prices rose again, as well as the […]
-
‘Psychological shock’ for Irish mortgage holders as ECB tipped to hike rates
The potential for two interest rate increases this year will for the first time in a decade affect hundreds of thousands of Irish mortgage borrowers, […]
-
Hard-pressed homebuyers being charged €2,000 more than Eurozone average for mortgages
IRELAND is one of the most expensive countries in Europe for mortgages. Only Greece is dearer for new home loans in the countries that make […]
-
Q&A: Can I get a State-backed mortgage under the new rules?
Housing Minister Darragh O’Brien has announced a newly expanded local authority home loan scheme, increasing the eligibility of those who can apply. The new regulations […]
-
How to fix Ireland’s mortgage market
With mortgage completions to finish 2021 at €10.5bn and set to rise to €14bn in 2023 and €17bn in 2025, one could suggest there is […]
-
Parents gifting children €1bn from Bank of Mum and Dad fuelling house price rises
Parents are gifting their children an estimated €1bn a year from the ‘Bank of Mum and Dad’, dangerously fuelling house price inflation, a leading mortgage […]
-
Is the Bank of Mum & Dad still in line for a tax hit?
It’s a lender that’s been around for decades, giving low cost (mainly free) loans to its select customer base. Its financial firepower appears to have […]
-
Is it time for the Central Bank to change its rules so house hunters have a shot?
COULD A CHANGE TO RULES PUSH UP HOUSE PRICES? The Central Bank’s lending rules – which prevent first-time buyers from borrowing more than three-and-a-half times […]
-
Michael Dowling: Benefits of fixing your mortgage for the very long term
My advice for first-time buyers is to take out long-term fixed rates for 20 years or more. There is something of a revolution going on […]
-
Mark Keenan: Spare a thought this Father’s Day for the separated dads trapped in a soul-destroying housing limbo
A joke I’ve heard more than once from separated dads goes as follows: If two gay men get divorced in Ireland, who gets the house? […]
-
Spanish bank to shake up mortgage market here with 30-year fixed-rate loans
Spanish-owned mortgage provider Avant Money has upped the ante on its rivals by offering a range of new long-term fixed rates. The provider is the […]
-
The real problem is ministers don’t actually believe there is a housing crisis
If the Government can’t come up with a radical housing solution, the Coalition parties will find themselves redundant. It is telling that what lit a […]
-
Calls for cashback mortgages probe before State uses money to back Ulster Bank loans sale
The Government has placed its State-owned Permanent TSB as well as AIB, which owns the EBS mortgage lender, in the lead positions to buy large […]
-
Irish banking sinks deeper into crisis as KBC follows Ulster out the door
Commentators sound alarm bells as the ‘two big boys’ look set to control 70% of the Irish mortgage market The shock decision by KBC Bank, […]
-
Michael Dowling: Banks are misleading customers with costly cashback mortgage incentives
Irish mortgage interest rates have gone back to being the dearest in the eurozone and we need to focus on immediate changes that can be […]
-
Broker says lenders are using wage subsidy scheme to refuse mortgages
Lenders have been accused of using the State wage subsidy scheme to “blackball” mortgage applicants. It comes after it emerged that lenders are now turning […]
-
Calls for cashback mortgages probe before State uses money to back Ulster Bank loans sale
The Government will need to launch an investigation into “the exploitation” of first-time homebuyers lured by cashback incentives before it commits taxpayers’ money into State-owned […]
-
“We nearly lost dream home because bank got jitters over wage subsidy”
A leading bank was set to deny a couple a mortgage to buy their dream home, just as they were about to draw down the […]
-
Mortgage lenders push back against automatic payment breaks during lockdown
Mortgage lenders have pushed back against a call by a leading broker to re-introduce automatic payment breaks for people who will be unable to work […]
-
Demand for mortgage exemptions expected to surge this year
APPLICATIONS for mortgage exceptions are expected to surge to record levels in January as lenders respond to pent-up demand from borrowers. Exemptions to the strict […]
-
Controversial equity release loans for older people are back
An equity release provider is reopening in this market years after the banking crash closed off the availability of these loans. Equity release involves older […]
-
Experts cautious about 2021 property market
Property prices are predicted to take a minor dip in 2021 before recovering to current levels by the end of next year, according to two […]
-
Borrowers here paying €2,000 more a year than European counterparts
This was down 14 basis points on the same month last year. But the average across the euro area is less than half of this […]
-
Ulster Bank ‘self-inflicted review will mean Irish mortgages will remain costliest in Europe’
The uncertainty over the future of Ulster Bank is already helping the big two mortgage lenders, AIB and Bank of Ireland tighten further their grip […]
-
Home loan limbo – the growing number of buyers struggling to get their mortgages
Many housebuyers who’ve been directly or indirectly affected by the Covid crisis are experiencing issues with banks and accessing mortgages. Those who will struggle to […]
-
Average Irish person now ‘worth’ €166k
The impact of Covid-19 has been to make households wealthier while the State sunk €14bn deeper into debt, according to the Central Bank’s Quarterly Financial […]
-
Lenders told to be upfront with mortgage applicants on impact of wage supports
BANKS and other lenders have been told to be upfront with mortgage applicants whose employers are using the State wage subsidy scheme. It comes after […]
-
Mortgage holders leaving thousands of euro on the table by failing to switch home loan providers – CBI research
Some mortgages could save more than €1000 in the first year and more than €10,000 over the remaining term of the loan. Mortgage holders are […]
-
What the loss of Ulster Bank would mean for consumers
When news broke on Friday that NatWest, parent of Ulster Bank was considering the winding down of the Bank, the market was surprised. It had […]
-
Your money: Seven things you must know on the new mortgage playing field
Cheaper home loans will be up for grabs for house hunters and homeowners in the coming weeks and months following the entry of a new […]
-
Spanish giant to rattle the cages of big firms who have Irish market cornered
You would be forgiven for thinking that competition in the mortgage market had gone by the wayside, like many things during the pandemic. Banks are […]
-
Interest rate war brews as new bank joins market
A Spanish banking giant is to enter the Irish mortgage market in a move sure to put massive pressure on existing lenders to slash their […]
-
Banks block drawdowns until end of pay subsidy
Builders and brokers say hundreds of agreed home sales are being placed in jeopardy because of an unintended consequence of the State’s emergency wage subsidies. […]
-
Banks have yet to heal the €60bn bailout wounds of a decade ago
A decade after a €60bn taxpayer bailout of the country’s main banks, we still have a problem with trust when it comes to how they […]
-
Ireland faces second mortgage arrears crisis when payment breaks end this autumn, leading financial advisers warn
A leading debt adviser has warned that 30,000 households — or around half of the 62,480 currently on home loan payment breaks — will fail […]
-
House prices due to fall sharply in wake of pandemic
House prices are likely to fall sharply over the next year, a leading think tank has predicted. The Economic and Social Research Institute (ESRI) has […]
-
Central Bank boss defends banks withdrawing mortgage offers
Central Bank Governor Gabriel Makhlouf has defended banks that are withdrawing mortgage offers to people whose incomes are hit by the fall-out from the pandemic. […]
-
Irish Banks Again Europe’s Worst Performer as Crashes Add Up
Once again, Irish banks are at the sharp edge of a global crisis. In 2008, it was the melting away of liquidity. Just over a […]
-
Mortgage borrowers hit by Covid-19 jobs slump ‘facing problems securing mortgage breaks’
Mortgage borrowers previously in arrears but who are now up to date with their monthly payments have had difficulties in automatically accessing the three-month mortgage […]
-
Banks add Covid-19 income conditions to mortgage offers
Raft of assurances are sought over bonuses, overtime and future job security Several Irish banks and lenders are adding new conditions to mortgage loan offers, […]
-
Self-employed may feel chill from Covid-19 for some time
The self-employed face mortgage struggles. All business owners are weighing up the effect of the Covid-19 closures on their trade at present, with many trying […]
-
House valuations are being reduced by 10pc during the mortgage process due to Covid 19 according to brokers
Some bank valuations are lower than agreed sale prices due to Covid-19 “The valuations are coming in at less than what the agreed purchase prices […]
-
Home truths: Covid’s duration will determine its impact on values
Speculation about where house prices and the property market will end up in the aftermath of Covid-19 has already started, with the publication during the […]
-
Doubts raised over Covid-19 wage subsidy scheme after lawyers warn the initiative is unworkable
The crucial wage subsidy scheme aimed at keeping hundreds of thousands of people in jobs has been thrown into doubt after lawyers warned it was […]
-
Those who test positive likely to struggle to get life and mortgage protection cover
Concerns: Michael Dowling fears some people will be unable to take out life cover People who test positive for Covid-19 may struggle to get life […]
-
How to navigate the property market during the pandemic
These are testing times. Covid-19 has reached into every sector, including the property market, and everyone is scrambling to adapt to the challenge. For those […]
-
State may need to ramp up spending to €34bn
Employers’ group Ibec and trade unions have called on the Government to step up payments for workers and companies in response to the economic damage […]
-
No hit to credit record for those who get mortgage break off bank
A deal is being hammered out between the Central Bank and main lenders so people who avail of a Covid-19 mortgage payment break will not […]
-
Temporary ban on all evictions is to be introduced for duration of coronavirus crisis
The Government has confirmed that a temporary ban on evictions and rent increases will be introduced for the duration of the Coronavirus crisis. Housing Minister […]
-
€32m debts written off by court in three days
More than €32m in personal debt has been written off this week under insolvency arrangements approved by the High Court. The huge sum relates to […]
-
€2m debt write-off for publican approved
The High Court has rejected objections raised by a vulture fund to a personal insolvency arrangement (PIA) writing off €2m in debts owed by a […]
-
Chasm between values of new and second-hand houses
A growing chasm between the values of new and second hand homes has been highlighted by the banking sector which says loans issued to first-time […]
-
Dublin’s cool Northside moves ahead of stuffy Southside to hold the housing hotspots
Q Two northsiders are travelling in a car. The music is turned off and the windows are up. Who’s driving? A: The Garda. Q: How […]
-
AIB drops fee for mortgage customers breaking out of fixed rate
AIB is allowing some customers to break out of fixed mortgages and lock into lower ones at no cost, in a move that is likely […]
-
Ulster Bank fined €4.6m over data on mortgages
ULSTER Bank has been fined €4.6m by the Central Bank for failings around mortgage data it supplied to the regulator. The fine would have been […]
-
Pressure now on more banks to cut their rates in mortgage price war
More banks are coming under pressure to reduce their mortgage rates after market leader AIB announced a number of reductions. The focus is now on […]
-
Mortgage holders here still paying double Euro average
MORTGAGE rates in this country have fallen below 3pc for the first time in years. But there is scope for much deeper cuts, mortgage experts […]
-
Revolution in fintech keeps the bankers awake at night
Shake-up: Revolut and other fintech firms are forcing banks to increase their tech focus I was more than a little surprised at the response I […]
-
AIB was always going to lose battle – it’s just a pity it waited so long to concede
AIB was always on to a loser trying to defend its actions in denying 6,000 customers tracker mortgages. The bank tripped itself up and was […]
-
The changes still needed to tackle the banks’ bad management cultures
Regulation: Unlike the UK authority, the Central Bank of Ireland does not have competitional law enforcement powers, an issue which deserves to be reconsidered Banking […]
-
Paul Joyce: Mortgage arrears have been ignored but not solved
Housing, homelessness, and healthcare have justifiably dominated the election so far. But one aspect of the housing crisis, however, that has received little attention is […]
-
Home truths: The story of Eoghan and the home hoovers
The big view on Ireland’s property market Whenever Eoghan Murphy is asked about his unforgettable term as Minister for Housing, one of the first things […]
-
Typical household wealth has risen to €184,900 – but renters are losing out
The wealth of households has shot up due to rising property values. But renters have very little wealth, according to figures from the Central Statistics […]
-
Most people unaware about credit card interest rate they are charged
The majority of Irish credit card users are unaware of the interest rate they pay, or how it is applied. And even those who say […]
-
Fianna Fáil may have just pressed the pause button on the property market
The party’s new SSIA may cause a significant number of housebuyers to put their plans on hold for an unspecified period The man who is […]
-
Court approves debt for equity swap insolvency arrangement
Decision is first to be approved by High Court involving a debt for equity swap The High Court has approved a personal insolvency arrangement (PIA) for a […]
-
Record €60m debt write-off for former quarry operator gets High Court approval
A former quarry operator has had a €60m debt write-off approved by the High Court – the largest ever under personal insolvency legislation. Enda Patrick […]
-
State-backed mortgage scheme hikes interest rates steeply despite bank cuts
The interest rate on the Government’s Rebuilding Ireland Home Loan product has been increased massively. Rates have shot up by up to 0.75pc at a […]
-
Home truths: Big time housing promises without taxes are hollow
What can you get for €16bn these days? Well €16bn is the total amount estimated that Irish people will spend online this year. The Consumer […]
-
One in 10 mortgage arrears cases involve separated borrowers – BPFI
Banking lobby group calls for State to introduce measures to help separated borrowers. About one in 10 mortgage arrears cases involve borrowers who are separated, […]
-
In your pocket: Switching mortgage can bring major savings
Rates are falling and lenders are keen to offer better deals – it’s easier than you think. Up to 160,000 Irish families are out of […]
-
Mortgage interest rates dip but remain more than double euro-zone average
Central Bank statistics show weighted average interest rates on new mortgages was 2.9% in November. Interest rates on mortgages taken by Irish consumers were lower […]
-
New buyers pay €2,000 a year more than rest of eurozone
RIP-OFF mortgage rates in this country are costing new home buyers €2,000 a year more than our European neighbours. New figures from the Central Bank […]
-
Pensions deliver decade-best growth of 20.6% in 2019
Zurich Life tops peers as funds recover from calamitous end to 2018. Irish pension funds delivered bumper returns in 2019, making it the best year for investment returns in […]
-
Another year of dysfunction ahead for Ireland’s property market
Looming general election and UK-EU trade talks add to uncertainty for developers. With the new year now a week old and a raft of predictions […]
-
Responsible Homeowners Betrayed
Thousands of responsible homeowners have been betrayed by the sale of their mortgages by PTSB into a bond fund which will be serviced by […]
-
Revealed: Ireland’s most expensive streets and their €2m plus homes
Daily growth of €15m in value of housing stock fuelled by new supply rather than increasing prices, writes Wayne O’Connor A leafy Dublin street sandwiched […]
-
Value of residential property in Ireland up by 5.3bn euro in last 12 months
SEVEN HUNDRED AND fifteen properties worth €1 million or more have been sold in Ireland so far this year, according to the latest Wealth Report from […]
Want to start the process?
Let us guide you through the mortgage process