LATEST PROPERTY NEWS AND QUESTIONS 16-May-2024
BANKS & HOUSE REPOSSESSIONS: CORK
16th May 2024
The Irish court procedure regarding property repossession typically involves the following steps:
Issuing a Demand Letter: If a borrower falls behind on mortgage payments, the lender typically issues a demand letter, notifying the borrower of the arrears and the need to rectify the situation.
Mortgage Arrears Resolution Process (MARP): Before initiating legal proceedings, lenders are required to engage in the MARP, which involves assessing the borrower's financial situation, exploring alternative repayment arrangements, and providing information about support services.
Legal Proceedings: 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 is then scheduled for a court appearance. Both parties present their cases, and the court considers the evidence presented.
Possession Order: If the court decides 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: If the borrower fails to vacate the property by the specified date, the lender may seek an eviction order from the court to regain possession.
Throughout this process, it's crucial for borrowers to seek legal advice and, if possible, attend court hearings. Legal professionals can provide guidance on available defenses, negotiate with the lender, and explore potential alternatives to repossession. Additionally, government support schemes and initiatives may offer assistance to individuals facing the risk of property repossession.
BANK HOUSE REPOSSESSIONS: County by County
16th May 2024
OBTAINING A MORTGAGE: SOME COMMON QUESTIONS
What insurance do you need?
Certain types of insurance are compulsory with a mortgage like
mortgage protection
buildings insurance
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Buy to let mortgages
These are mortgages for property investors or landlords. Brokers and lenders may offer interest-only or a mixture of repayment and interest-only loan options. These mortgages tend to be more flexible with a lower LTV.
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Learn about mortgage options, interest rates, and the homebuying process. Being informed will help you make better financial decisions and understand what to expect.
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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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Rent Payments: If you're currently renting a property, providing a record of consistent and on-time rent payments can bolster your case.
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Variable rate mortgages
A variable rate is linked to ECB interest rates so monthly payments may rise or fall.
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Assess your current financial situation and create a realistic budget. Track your income, expenses, and savings goals. This will give you a clear picture of how much you can afford to save each month.
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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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IrishHouses: Mortgage Debt, Arrears and House Repossession
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