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Haven lead the way for mortgage rate reductions

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As previously mentioned, Haven announced reductions to their range of fixed and variable mortgage rates.

They are now market leaders with their 2,3,4 and 5 year fixed rates. These discounts are  available to both new and existing customers.

Reductions vary between 0.10% and 0.20%. For example, a 2 year fixed rate that was 3.80% now stands at 3.60%- giving a generous 0.20% back to customers.

With effect from 1st June 2015 their standard variable rate will be reduced by 0.38%- dropping it from 4.35% to 3.97%.

Should you require any further information please get in touch with our brokerage team on 01-5052718 or email us at info@coonanmortgage.com

Mortgage lending up in first quarter.

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MORTGAGE lending surged in the first three months of the year.

New figures from the banks show that more than 5,600 new mortgages to the value of €983m were drawn down by borrowers here during the first quarter of the year.

This was up 64pc compared with the same quarter in the previous year, according to the Irish Banking and Payments Federation.

The jump in lending prompted analysts to say the housing market recovery is underway.However, many of those having a mortgage issued to them had approval before new Central Bank lending restrictions were imposed.

First-time buyers account for more than half of the mortgages issued, with those trading accounting for almost four out of 10 mortgages drawn down.

The average loan size rose to € 175,016 in the first quarter, up 5.5pc on the previous quarter.

The true impact of new lending criteria on the market situation will become more apparent in the latter half of 2015.

Deposit rate cuts mean just a third think now is a good time to save

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ONLY a third of people believe that now is a good time to save, a new survey has found.

Savers have become more cautious about saving as banks continuously cut deposit rates.

The savings index found that just 32pc of people believe that now is a good time to save. But there has been a slight rise in the numbers who save regularly, up to 43pc in March.

Meanwhile, 80pc of adults under 35 don’t know the level of the State pension.

Half believe that they will have to work to at least 70, and over one third say they will need to work as long as they can.

The survey, commissioned by the Irish Association of Pension Funds (IAPF) and conducted by IReach, found older people have more awareness about pensions.

The function of the survey was to examine retirement planning in Ireland and whether people are being realistic as to their expectations for retirement age.

It estimates that those over 55 facing retirement appear to have greater awareness, with over 60pc knowing how much they will receive from the State when they retire.

The survey shows that pension participation is poor, with just 50pc of workers saving for retirement.

Haven Reduce Mortgage Interest Rates.

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Haven are delighted to announce reductions to their suite of mortgage rates.. Applying to their fixed, standard variable and LTV variable rate products, these changes are a further demonstration of Haven’s desire to deliver real value for customers.

Standard variable rates are being cut from 4.35% to 3.97%, an overall reduction of 0.38%. LTV variable rates have been slashed by 0.25% across the board.

Two to five year fixed rates will see a drop of anywhere between 0.10% to 0.20% -depending on the fixed term.

Changes to fixed and LTV variable rates are effective from 7th May 2015, while the standard variable rates reduction comes in to effect in June 2015.

If you would like to discuss any of these changes further please do no hesitate to get in touch with us today.

Dubliners hit hardest with new lending rules.

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The new Central Bank rules on mortgage lending, while not as harsh as expected, still came as a huge blow to many house hunters. Most of those looking to buy a home today must now get together a larger deposit than had previously been the case.

We are in a state of flux at the moment when it comes to analysing the real impact of the new rules and ultimately it is still much too early to tell.

Many people had mortgage approval from banks before the rules kicked in and they still have time to proceed with these mortgage agreements to buy a property. Hence, much of the activity we are seeing on the market now is from these people.

What has become glaringly apparent is that where you want to live in the country will be a huge factor in determining the impact of the new rules. Ultimately, first-time buyers in Dublin, particularly those on low or middle incomes, have been crucified

Under the new rules, first-time buyers still only need a 10pc deposit – as long as the house they are buying is worth no more than €220,000. Otherwise, they must have a higher deposit for the portion of the home that is worth more than €220,000.

The average asking price nationwide is now €201,000, according to the latest house price report from Daft.ie. As this is below the €220,000 limit, many first-time buyers won’t be put out by the new rules. However, this is just a national average – the county averages vary hugely.

The most expensive areas in Ireland to buy three-bedroom properties are unsurprisingly all in Dublin. The average asking prices in Dublin, as well as Kildare and Wicklow, are well above the national average. However, average asking prices in Cork, Galway and Limerick are below the national average.

So what can house hunters do to ensure they can buy within the boundaries of the new rules?

First, if you have been saving for a deposit, continue to save. While you may have to alter the value of the properties you have been looking at, you don’t know what the future will bring and what will happen to house prices.

Second, don’t rush! All this uncertainty makes people on edge and often people can make rash decisions when they are feeling like that. Buying a house is a huge and long-term purchase. So the same deciding factors apply. Is it an area that you want to live in? Can you imagine yourself there long-term? And so on.

Third, affordability is key. It’s not just up to the banks or the regulatory bodies to ascertain whether or not you can realistically afford a property. Be prudent. You’re the one who will have to meet the monthly repayments which will directly impact the lifestyle you can have.

Royal London Special Offer Discount Extended

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We have just received great news from Royal London! They have extended their special offer of 5% off Term Assurance and 10% off Mortgage Protection Cover, until 30th April 2015.

The 5% off Term Assurance also includes Indexation and Pension Term Assurance.

We price match all insurance quotes for our clients, so you know you’re getting an extra 5% or 10% discount off the best quotes on the market.

So, if your premiums have skyrocketed and you’re shopping around for a better deal get in touch on 015052718 or pop into our ofice in Maynooth,Co.Kildare. Make the switch!

#Thrifty Thursday- Online Billing

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Utility companies have been accused of “fleecing” their customers by charging them for paper billing.

And there have been calls for An Post branches to put systems in place to help people who are missing out on savings of hundreds of euro a year because they do not use the internet to pay bills. Research has found those who do not use websites to get the best deals are losing out on savings of up to €400 a year.

Almost one in five adults do not use the web, according to the Central Statistics Office, and utility firms reserve their best deals for those prepared to make transactions online and switch from getting a bill in the post to online billing. One TV and broadband supplier, UPC, charges €42 a year for issuing postal bills. Insurance firms offer discounts of up to 20pc for families prepared to use the web to conduct business, with mobile phone, energy companies and banks all offering the best deals for online transactions.

Our Thrifty Thursday advice is ‘Don’t get fleeced’, many utility firms will use any opportunity to add on extra charges to loyal customers. So, until there is some reform to this area of unfair charges- get wise and get online!

#Thrifty Thursday

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Looking for a Thrifty Thursday saving tip that could benefit you while waiting to get on the property ladder?

One property management company based in Dublin are offering people a unique chance to live in extraordinary spaces for cut rate rent.

Under the scheme you act as a ‘guardian’ of the vacant property for the owner. The idea is that if the building is occuppied it won’t fall into disrepair and will ward off thieves.

So you could find yourself in a mansion in Dublin 4 for as little as €300 per month.

Follow the link for the full story http://bit.ly/18DwbNT