LATEST PROPERTY NEWS AND QUESTIONS 15-May-2024
BANKS & HOUSE REPOSSESSIONS: GALWAY
To avoid mortgage arrears, consider the following strategies:
Budgeting: Create a realistic budget that includes all your monthly expenses, ensuring you allocate enough funds for mortgage payments.
Emergency Fund: Establish an emergency fund to cover unexpected expenses. This can act as a financial buffer during challenging times.
Regular Monitoring: Keep a close eye on your finances. Regularly review your income, expenses, and any changes in your financial situation.
Communication with Lender: If you anticipate difficulties in making payments, communicate proactively with your lender. They may offer temporary solutions or work with you to modify your repayment plan.
Financial Counseling: Seek advice from financial counselors who can provide guidance on managing debt and budgeting effectively.
Insurance Coverage: Consider mortgage protection insurance or income protection insurance to safeguard against unforeseen circumstances like illness or job loss.
Prioritize Mortgage Payments: Make mortgage payments a top priority. If you're facing financial challenges, focus on meeting your essential obligations, including your mortgage.
Government Support: Investigate government support programs that may be available to assist homeowners facing financial hardship.
Refinancing: Explore options for refinancing your mortgage, especially if it can result in lower monthly payments or a more manageable loan structure.
Regular Review of Finances: Periodically review your financial situation, making adjustments as needed. This includes reassessing your budget, exploring potential income increases, or making lifestyle changes to reduce expenses.
By staying proactive, communicating openly with your lender, and being vigilant about your financial health, you can take steps to prevent mortgage arrears and maintain financial stability.
BANK HOUSE REPOSSESSIONS: County by County
15th May 2024
OBTAINING A MORTGAGE: SOME COMMON QUESTIONS
Firsttime homebuyers may be eligible for certain programs or incentives. The broker may inquire about your status to explore available options.
|
Mortgage arrears arise for a number of reasons, from redundancy or from major illness or from bad planning of your personal finances.
Obviously in today's recession, mortgage lenders are fully aware that increasing numbers of people are facing problems repaying their mortgages and it is better that you contact them first to let them know that you will be missing a repayment.
Above all else, do not ignore the issue because the mortgage lenders definitely won't.
|
Brokers can tailor mortgage solutions to your specific needs. They can help match you with lenders that are more likely to approve your loan based on your financial situation.
|
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.
|
Green mortgages
These are discounted mortgages for those with energy efficient homes and a Building Energy Rating (BER) of B3 or better. First time buyers, switchers, movers, and self builders are all eligible.
|
Loan-to-Value Limits (LTV)
A 10% deposit is usually required for first and second-time buyers. However, the Revenue's Help to Buy scheme can reduce this requirement for newly built properties.
|
How much can you borrow?
The amount you could borrow depends on several factors, including:
Your income or combined income
The value of the property
The type of buyer you are
Your financial commitments
Your credit history
Your age or borrowing term
|
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.
|
Copyright © 2007-2024 Irishhouses.ie All Rights Reserved
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.
Recent Articles:
Copyright © 2007-2024 Irishhouses.ie All Rights Reserved