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Borrowers in Athlone who have seen their incomes impacted by the Covid-19 crisis will have greater access to insolvency supports and services under new government measures, Longford-Westmeath Fine Gael Minister of State, Deputy Peter Burke, has confirmed.
As the Central Bank’s retail interest rates for August reveal a continuing wide gap between Irish and euro area mortgage holders, with Irish consumers paying 2.83 percent compared with 1.35 percent on average across the euro area, a differential of 1.48 percent, Brokers Ireland said there is not enough competition in the Irish mortgage market and Irish consumers may have to wait until they can access mortgages across EU borders before we’re likely to see strong competition.
Mortgage payment break for local authority home loan borrowers will be extended by a further three months
The mortgage payment break already in place for local authority home loan borrowers will be extended for those continuing to face difficulties due to the Covid-19 emergency, Fine Gael TD Alan Dillon has said.
The purchase of a property by the Galway City Council in Killtullagh, Oranmore has been described by the Mayor of the Galway County Council, James Charity, as "deeply concerning".
Commenting on the most recent Residential Mortgage Arrears and Repossessions from the Central Bank for Q1 2020, Brokers Ireland said while it is positive that long-term arrears are showing signs of improvement they are not what they should be and there is strong evidence of ‘extend and pretend’ particularly in relation to longer term arrears.
Commenting on the most recent Central Bank report on retail interest rates for May, Brokers Ireland said not only are Irish mortgage holders paying much higher interest rates than their euro area counterparts but Irish SMEs are being “absolutely fleeced” by comparison with their euro area businesses.
IPAV, the Institute of Professional Auctioneers and Valuers, has warned that if over-zealous lending restrictions are implemented by banks it will ruin confidence among builders and cause house building to slow to a trickle.
The average household can offset some of the financial impacts of COVID-19 by saving €5,000 per annum in three simple steps according to a mortgage expert.
Mayo County Council has confirmed arrangements are now in place for home loan borrowers who may be experiencing a reduction in their income arising from the Covid-19 emergency and may not be able to make repayments on their loans.
Banks must freeze payments and interest on all student loans for a three-month period, similar to the measures introduced by the retail banks for mortgages and business loans.