mortgages

Greed knows no bounds: Rise in mortgage rates

Greed knows no bounds: Rise in mortgage rates

Although the European Central Bank (ECB) left its rates unchanged yesterday for the 11th month in a row Bank of Ireland followed AIB today by announcing an increase in their standard-variable rates. The increase from 2.6% to 3.1% for both existing and new customers will add an extra €80 a month to the repayments of a €300,000 mortgage.

Thousands of homeowners who are vulnerable (and already hard-pressed,) to these rising mortgage rates are now being warned that they have seven days to act. Commenting on the rate rises Karl Deeter of Irish Mortgage Brokers said, “There is a very short window of opportunity now for those seeking security around the level of their future mortgage repayments to act fast before the rates increase further.” He continued, “These rises come in a year of cuts, levies, higher tax costs and deflation. It seems their greed knows no bounds.” …

Is it cheaper to buy than to rent?

Is it cheaper to buy than to rent?

Is it cheaper to buy than to rent?Recent reports reveal that the rental market is showing, albeit small, signs of stability. To the delight of some landlords, good quality rental property is in demand and rent rates have slightly but steadily increased since December 2009.

With this recent news, the worthy discussion on whether to buy or to rent has raised its head once again.In terms of asking prices, property is now a lot cheaper than during the Celtic Tiger reign and house prices are a lot more attractive now than three years ago. Commenting on the latest rental reports, PIBA, the country’s largest group of independent stock brokers said…

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