LATEST PROPERTY NEWS AND QUESTIONS 15-May-2024
BANKS & HOUSE REPOSSESSIONS: CAVAN
15th May 2024
Obtaining home insurance for a repossessed home can be a bit more challenging than insuring a traditional property, but it is essential to protect your investment. Here are some steps and considerations when seeking insurance for a repossessed home:
Assess the Property's Condition:
Before approaching insurance providers, assess the overall condition of the property. Insurance companies may have specific requirements regarding the condition of the home.
Determine If Repairs Are Needed:
Identify any necessary repairs or improvements that may be required for the home to meet insurance eligibility criteria. Some insurers may have restrictions on insuring properties in poor condition.
Choose a Reputable Insurance Provider:
Research and select an insurance provider with experience in insuring repossessed or foreclosed properties. Some insurers specialize in providing coverage for such homes.
Provide Accurate Information:
Be honest and transparent with the insurance company about the property's history, including its repossession status. Failing to disclose relevant information can lead to coverage issues.
Consider Specialized Insurance Policies:
Some insurance companies offer specialized policies for vacant or distressed properties. These policies may provide coverage for specific risks associated with repossessed homes, such as vandalism or theft.
Vacant Property Insurance:
Since repossessed homes may remain vacant for an extended period, consider obtaining vacant property insurance. This type of coverage is designed for unoccupied homes and typically addresses unique risks associated with vacancy.
Secure the Property:
Insurance providers may require you to take measures to secure the property, such as installing security systems, boarding up windows, or having regular inspections.
Documentation and Paperwork:
Be prepared to provide documentation related to the property, including any inspection reports, repairs made, and information about the property's current state.
Shop Around for Quotes:
Obtain quotes from multiple insurance providers to compare coverage options and premiums. Some insurers may be more willing to cover repossessed homes than others.
Work with an Insurance Broker:
Consider working with an insurance broker who specializes in challenging or unique insurance situations. A broker can help you navigate the process and find the most suitable coverage.
Understand Coverage Limitations:
Be aware of any limitations or exclusions in the insurance policy. Some insurers may have restrictions on coverage for certain perils or may require additional endorsements.
Review the Policy Terms:
Carefully review the terms and conditions of the insurance policy to ensure that it meets your specific needs and provides adequate coverage.
Maintain Communication:
Keep the lines of communication open with the insurance provider. Notify them of any changes to the property or its occupancy status promptly.
It's crucial to be proactive and thorough when seeking insurance for a repossessed home. By addressing potential concerns and providing accurate information, you increase the likelihood of securing suitable coverage for your property.
BANK HOUSE REPOSSESSIONS: County by County
15th May 2024
OBTAINING A MORTGAGE: SOME COMMON QUESTIONS
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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What happens when you switch?
Once you’ve chosen the right deal, you can apply to the lender for a mortgage Approval in Principle (AIP).
If your application is approved, you can progress to a formal offer letter by producing any ID and documents the lender requires e.g. bank statements and payslips.
You’ll need to appoint a solicitor for the legal work and ensure you have mortgage protection insurance and buildings insurance.
Once everything is in place, your solicitor will arrange for a funds transfer between lenders and ensure your new mortgage is ready to draw down. Remortgaging can take between four and twelve weeks.
Switching your mortgage to a better interest rate could save you thousands of euro.
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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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Why switch your mortgage?
If you’re on a fixed rate mortgage you’ll be moved to the lender’s standard variable rate when the term ends, which is more expensive.
The main reason for remortgaging is to get a better interest rate and save money.
Mortgage switching can help you:
Lower your monthly repayments
Save thousands of euro in interest
Reduce your mortgage term
How much could you save?
You could save thousands of euros over the duration of your loan if you switch to a cheaper mortgage.
You’ll have to pay legal and valuation fees, but choosing a cashback deal or similar could offset those costs.
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When choosing a lender, compare options based on interest rates, promotional offers, and minimum requirements. Prepare the necessary documents, including income, financial, and identity documents. Obtaining formal Approval in Principle (AIP) from a lender is a crucial early step in the process, providing you with a clear budget for house hunting.
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As Ireland is part of the Eurozone, the exchange rate of the Euro against other currencies can have an indirect impact on the country's economic conditions and, consequently, mortgage rates.
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If considering an adjustablerate mortgage, the broker may discuss your comfort level with potential interest rate fluctuations and how that may impact your payments.
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Research the housing market in the area where you plan to buy. Find out the typical down payment required and other associated costs, such as closing costs, property taxes, and home insurance. Aim to save at least 20% of the home's purchase price for the down payment to avoid private mortgage insurance (PMI).
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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.
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