LATEST PROPERTY NEWS AND QUESTIONS 15-May-2024
BANKS & HOUSE REPOSSESSIONS: KILDARE
15th May 2024
Reacquiring a repossessed house in Ireland can be a complex process, and it's important to understand that it may not always be feasible. However, if you're considering buying back your repossessed house, here are some general steps you might consider:
Contact the Lender:
Begin by reaching out to the lender who repossessed the property. Express your interest in repurchasing the house and inquire about the possibility of negotiating a deal.
Assess Your Finances:
Evaluate your current financial situation. Determine how much you can afford to offer as a repurchase amount. This may involve securing financing or using personal funds.
Negotiate with the Lender:
Engage in negotiations with the lender to reach a mutually agreeable repurchase price. Lenders may be open to negotiations, especially if it means a quicker resolution for them.
Engage Legal Counsel:
Consult with a solicitor or legal professional experienced in property transactions and repossessions. They can guide you through the legal aspects of the repurchase process and help you understand any outstanding issues related to the property.
Obtain Financing:
If you need financing to repurchase the property, explore mortgage options or other sources of funding. Be prepared to demonstrate to the lender that you can meet the financial obligations.
Conduct Due Diligence:
Perform thorough due diligence on the property. This includes obtaining a property valuation, conducting inspections, and ensuring there are no legal encumbrances or issues that could affect the repurchase.
Attend Auctions or Sales:
If the property is being sold through an auction or a sales process, participate in the process. Be aware of the bidding terms and conditions.
Government Support:
Check if there are any government support schemes or initiatives that may assist individuals in repurchasing repossessed properties.
Remember that the success of repurchasing a repossessed house depends on various factors, including the willingness of the lender, your financial situation, and the legal status of the property. It's crucial to seek professional advice and be well-informed about the entire process before proceeding.
BANK HOUSE REPOSSESSIONS: County by County
15th May 2024
OBTAINING A MORTGAGE: SOME COMMON QUESTIONS
Ask for any fees upfront, and check they can access deals from a wide range of lenders, so you don’t miss out on a good deal.
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Fixed rate mortgages
A fixed rate keeps your monthly payments the same for a set term, normally between one and 10 years.
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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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Look for opportunities to increase your income, such as taking on a side job or freelance work. The additional income can be dedicated to your home savings fund.
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Cashback mortgages
This type pays out a cash lump sum once you draw down your home loan. The money can help pay for moving expenses, like legal fees and are popular with first time buyers.
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Check the credit score requirements of each lender. Your credit score plays a significant role in the interest rate you qualify for. Lenders may have different criteria for approving loans based on credit history.
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Applying for a mortgage
What do you need to get a mortgage?
It depends on the mortgage provider’s lending criteria, but here’s the typical requirements:
A good credit history: This is vital - here’s how to check your credit record.
The minimum deposit: If you’re buying a property, you’ll usually need at least the minimum deposit.
Stable employment: A regular income is necessary, if you’re self employed, you’ll have to prove your income differently.
Affordable outgoings: If your current outgoings are high, this will reduce what you can afford to borrow.
Find out how to apply for a mortgage and maximise your chance of success.
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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
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