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Castlebar Labour Party town councillor Harry Barrett has urged people to check their bank records in the wake of The Central Bank report, issued recently, that named six banks that it is investigating for wrongly selling insurance products to thousands of customers. The banks have been ordered to carry out independent reviews of the sales of the payment protection insurance to find out the scale of the problem, and pay restitution. Payment protection insurance or PPI repays a loan or credit card if a person becomes sick or unemployed. Since August 2007, more than 300,000 PPI policies were sold in Ireland.
Westmeath County Council has unveiled a new process for council mortgage holders in financial difficulty.
AIB currently has some of the lowest mortgage rates and repayments in the Irish market. In the overall mortgage market AIB approved mortgages to the value of €845 million in 2011.
Please explain Payment Protection Insurance to me. I took out a bank loan a number of years ago and I also availed of Payment Protection Insurance which the bank offered me. I was under the impression I was obliged to take out this insurance at the time. I recently lost my job but I am having difficulty in claiming through my Payment Protection Insurance.
The Society of Chartered Surveyors Ireland (SCSI) has launched a guide to new legislation on apartment ownership, outlining how the law will affect developers and owners.
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.
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.