LATEST PROPERTY NEWS AND QUESTIONS 15-May-2024
BANKS & HOUSE REPOSSESSIONS: CARLOW
15th May 2024
Here is a general outline of the enforcement procedure:
Demand Letter:
If a borrower falls into arrears, the lender typically starts the process by issuing a demand letter, notifying the borrower of the arrears and the intention to seek repossession if the issue is not resolved.
Mortgage Arrears Resolution Process (MARP):
Before initiating legal proceedings, lenders are required to engage in the MARP, a process designed to explore alternative repayment arrangements and assess the borrower's financial situation.
Issuing a Civil Bill:
If the MARP does not lead to a resolution, the lender may initiate legal proceedings by issuing a civil bill in court. This document outlines the lender's claim for possession and the grounds for repossession.
Court Appearance:
The case goes to court, where both the lender and borrower present their cases. The court considers the evidence and may make a decision regarding possession.
Possession Order:
If the court rules in favor of the lender, it may issue a possession order, granting the lender the right to repossess the property. The court may also set a date by which the borrower must vacate the property.
Eviction Order (if necessary):
If the borrower does not vacate the property by the specified date, the lender may seek an eviction order from the court to regain possession.
Throughout this process, borrowers have the right to legal representation, and it's important for them to seek legal advice to understand their rights and explore any possible defenses or alternatives. Additionally, various government support schemes and initiatives in Ireland may provide assistance to individuals facing the risk of property repossession.
BANK HOUSE REPOSSESSIONS: County by County
15th May 2024
OBTAINING A MORTGAGE: SOME COMMON QUESTIONS
You will be asked questions regarding your current employment status such as:
Employment Sector
Occupation
Net salary p.m.
Gross basic salary p.a.
Overtime p.a.
Bonus p.a.
Commission (e.g. if you are a salesperson)
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If issues arise during the mortgage process, there may be challenges in holding the broker accountable, especially if they are an independent agent.
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The amount you’ll need to fund depends on what type of buyer you are:
First time buyer: If you’re buying your first property, you’ll need a 10% deposit.
Second or subsequent buyer: If you’re looking to move home or buy another property, you’ll need a 20% deposit.
Buy to let investor: If you’re buying an investment property to rent out, you’ll need a 30% deposit.
If you already own a property and your equity has increased, you can use some of this towards your deposit. Find out how mortgage deposits work and get tips to help you save for one.
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Firm control of your personal finances is now more important than ever. The danger is that you may not have needed to exercise this control if you were living at home or in rented accommodation before you moved into your new house.
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While some brokers are compensated by the lenders, others charge fees for their services. These fees can add to the overall cost of obtaining a mortgage. Make sure to understand the fee structure before committing to a broker.
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Stress Testing: Lenders often use stress tests to assess your ability to handle potential increases in interest rates. They want to ensure that you can still afford your mortgage payments if interest rates rise. Be prepared for this scrutiny, and make sure your finances can withstand higher rates.
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Brokers may have negotiation skills that can be beneficial when dealing with lenders. They can advocate for the borrower and work to secure more favorable terms.
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Research the reputation and customer service of each lender. Read reviews, check customer testimonials, and ask for recommendations from friends or family who have recently gone through the homebuying process.
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IrishHouses: Mortgage Debt, Arrears and House Repossession
Disclaimer: Although we will do our best to provide you with correct details, information provided is subject to errors or omissions. IrishHouses.ie is a private blog on the subjects of mortgage debt, arrears and house repossession in Ireland.
We are not affliated with any organisation or private company and all advice and information provided on our website should be checked with the individual companies or organisations involved.
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