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Responding to the recent ECB interest rate increase of 0.5 percent, Brokers Ireland said this, the sixth increase since July last, brings the rate to 3.50 percent, and would add a total of €640 a month to a €330,000 mortgage on a 1.25 tracker rate.

The risk of underinsurance for consumers and businesses has grown greatly arising from inflation and other global factors and means that in the event of a claim both can be exposed to having to foot substantial costs where the sum insured is not sufficient to cover losses, Brokers Ireland has stated.

Commenting on the recently published CSO Characteristics of Residential Property Purchasers 2010-2021, Brokers Ireland said the fact that the proportion of properties jointly purchased increased from 47 percent to 60.3 percent in the period and the median age for sole purchasers rose from 34 to 41 years, starkly demonstrates the social change being forced upon society by the housing crisis.

Responding to the ECB interest rate increase of 0.75 percent, Brokers Ireland said even though predicted by some commentators the fact that it is on the higher side is very disquieting for consumers with the real worry now being the unknown one of how long such increases will go on for and what level they will reach.

Responding to the ECB interest rate increase of 0.5 percent, Brokers Ireland said it “marks the beginning of a new era and predicting where the rate will end up with any degree of accuracy is like fortune telling.”

As the Central Bank of Ireland’s new regulations to combat ‘differential’ pricing in motor and home insurance come into effect, Brokers Ireland said it is unfortunate that the regulations are limited and will not outlaw all forms of differential pricing, but only discrimination for reason of tenure.

Responding to the most recent Central Bank Retail Interest Rates for April 2022, Brokers Ireland said mortgage holders who have not reviewed their mortgage rate need to act fast to get the best value available in the market.

As house prices continue to escalate with the recent CSO House Price Index showing an annual increase in February of 16.8 per cent for properties outside Dublin and 13.5 per cent in Dublin, Brokers Ireland has said the market is almost back to the level house prices reached at peak in 2007 - with prices outside of Dublin just 3.9 per cent short of where they were then - and Dublin just over 10per cent behind peak.

As house prices continue to escalate - with the recent CSO House Price Index showing an annual increase in January of 16 per cent for properties outside Dublin and 13.3 per cent in Dublin - Brokers Ireland said the prospect of an increase in interest rates is a real worry for many existing and aspiring home buyers.

In the interest of consumers the Central Bank of Ireland ought to have considered prohibiting all unjustified price differentials observed in the market, Brokers Ireland said in response to the most recent publication by the Central Bank of Insurance Regulations intended to combat differential pricing in motor and home insurances.