Tag Archives: Loans

Ulster Bank takes the lead on rates drop.

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Some good news on the Banking front .Ulster Bank is to reduce its fixed rates for new and existing customers and also make it easier for them to qualify for these new interest rates .

Ulster Bank will offer a three-year fixed rate of 2.9% for those whose loan is less than 60% of the value of the property .

The Bank describes this as its loyalty plus rate and claims it is the lowest in the market and the new  rate compares with a normal three -year fixed rate of 3.25% .

Ulster Bank is also cutting its variable rate for loyalty customers to as low as 3% for those with a lot of equity in their home .This compares with the bank’s standard variable rate for those with a 90% loan of 4.3%

At last variable rates are starting to move down with KBC Bank slashing rates to 2.9% for new and existing customers late last year

Ireland has over 300,000 homeowners on variable rates which are around 1.5% higher in Irelandvthan other euro zone countries .

Of course the big question that arises for borrowers is should we fix at this time or not and of course that depends on your own circumstances .

However the drop in rates by Ulster Bank is very welcome and will hopefully lead to other banks following their lead.

Buying your dream home on your return ? Some important Tips !

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I don’t know anyone who has gone through the process of buying a home and said that it is not one of the most ” stressful ” times in their lives .I can only imagine what it must be like when you are managing the process from overseas and maybe in a different time zone.

There is no doubt that a house is likely to be the most expensive thing you will ever buy Choosing the right mortgage can be a minefield and the legalities of the process can be prolonged and costly .

Here are a few tips for making it all run smoothly for you .

  1. Before you do anything ,find out what you can borrow .

Your first step should be to meet with  a mortgage broker who quite quickly will be able to give you an accurate projection as to the amount you can borrow .Please note that the Central Bank of Ireland has rules around deposits and how much you can borrow .

2. Get your affairs in order 

When you apply for a mortgage you will need to provide at least six months recent bank statements .These will be examined by the banks so it’s advisable to stop any outgoings that they might query .

3. Budgeting for Fees 

Some lenders offer cash incentives to take out a mortgage with them .Approach with caution as they are usually accompanied by an interest rate that is well above the rest of the market .This is attractive to some buyers as they will need to account for the extra fees that come along with buying a house such as site surveys,valuations, and of course legal fees to a solicitor for conveyancing ,however you could be paying much more in the long term.

4 Moving In .

Once all the formalities have been completed ,(signed loan offer ,arranged all appropriate insurances)  you can draw down the mortgage .This is when you will finally be able to get the keys to your new home . Don’t forget to read all the meters and contact the utility companies to get yourself set up .

Finally -enjoy your new home !

Robert Whelan is Managing Director of Rockwell Financial Management and Rockwell Mortgages,contact Robert at robert@rockwellfinancial.ie if you require expert advice on these areas .

 

 

 

New player offers credit and mortgage hope for Returnees

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Some good news for returnees who face financial issues in the crash .

A new player in the mortgage market Pepper is offering opportunities for some returnees to avail of finance if they are considering purchasing a new home on their return

Pepper is the only lender that will consider people who had ” credit issues ” in the crash according to Paul Doddrell CEO of the group who has said ” You have got people with a legacy credit event -they lost their jobs ,they have been ill .This is where Pepper plays Globally ”

According to Doddrell Pepper are creating a new mortgage market .

However thread carefully as you will be charged premium rates .While Peppers standard rate starts at 3.1% borrowers with a blemished credit records pay at least 3.85% .

Still not too bad and Pepper appear to be proactive in dealing directly with people who never  believed that they could get back into buying their own home again .

what is more important and welcome to returnees is that there is a Bank that will make credit available to them and it is hoped that the rest will follow.