Search Results for 'Mortgage loan'

Over recent weeks, there has been much speculation on the provisions to be announced in Budget 2012. The anticipation was heightened by the “State of the Nation” address by An Taoiseach Enda Kenny on Sunday night. In an unprecedented move, Minister Howlin and Minister Noonan shared the burden and spread their respective speeches over two days. Some of the main features introduced in the 2012 Budget are set out below:

Mortgage arrears

There is no “magic bullet” or “one size fits all solution” to mortgage debt in the country. These were comments made by the Minister for Finance, Michael Noonan, on Thursday morning, as he addressed the Oireachtas Committee on Finance, Public Expenditure and Reform.

Fianna Fáil Spokesperson on Small Business John McGuinness TD has said the rise in the ECB interest rate will heap enormous pressure on businesses and families struggling with their mortgage repayments.

A Kilkenny old-age pensioner has this week begun a legal battle to prevent her eviction from the home, which she has been residing in for more than 40 years.

Dear Editor,

A Kilkenny old-age pensioner has this week begun a legal battle to prevent her eviction from the home, which she has been residing in for more than 40 years.

It is estimated that approximately 2,200 mortgage holders in Mayo have switched to interest only mortgage payments to assist with affordability, but according to Caledonian Life these homeowners may now be leaving their families open to thousands of euro of legacy debt. The most recent report from the Financial Regulator would suggest that this switch has become a common cost saving strategy, as the public attempt to deal with affordability issues in the current recession. The leading life insurance company said it is believed that up to 50,000 struggling mortgage holders throughout the country have had to switch to interest-only repayment terms or otherwise restructured their mortgages since the recession began three years ago, but that most may not have adjusted their mortgage protection cover to reflect this change.

A new survey by the Professional Insurers Broker’s Association (PIBA), the country’s largest group of independent mortgage and insurance brokers with over 850 member firms, indicates poor prospects for the property market over the next 12 months with over 95 per cent of independent brokers believing that the market will either decline or remain the same. Less than five per cent have expressed the view that it would improve.

For that increasingly rare breed, the first time buyer, now may be the moment to alert you to one or two issues which could assist your decision making process and more specifically, whether now is the time to take that leap into property ownership (or not).