LATEST PROPERTY NEWS AND QUESTIONS 15-May-2024
BANKS & HOUSE REPOSSESSIONS: LIMERICK
15th May 2024
In Ireland, several government initiatives and support schemes aim to assist individuals facing mortgage arrears. Some key programs include:
Mortgage Arrears Resolution Process (MARP): Lenders in Ireland are required to adhere to the MARP, a framework designed to help borrowers in arrears. It involves communication, assessment, and the development of sustainable solutions.
Abhaile: This is a government-funded scheme that provides free professional advice and support to borrowers in mortgage arrears. It includes financial and legal advice to help individuals explore their options.
Mortgage-to-Rent Scheme: For those who cannot sustain homeownership, the Mortgage-to-Rent Scheme allows eligible borrowers to sell their homes to a housing association or approved housing body while remaining in the property as a tenant.
Personal Insolvency Arrangement (PIA): This legal mechanism allows individuals to reach a compromise with creditors, including mortgage lenders, to restructure their debts.
Mortgage Interest Supplement (MIS): Although closed to new applicants since 2014, some existing recipients may still receive Mortgage Interest Supplement, a means-tested payment to help with mortgage interest payments.
It's important for individuals facing mortgage arrears to contact their lender, seek advice from organizations like MABS (Money Advice and Budgeting Service), and explore these government initiatives. Additionally, consulting with a financial or legal advisor can provide personalized insights into the available options based on individual circumstances.
BANK HOUSE REPOSSESSIONS: County by County
15th May 2024
OBTAINING A MORTGAGE: SOME COMMON QUESTIONS
Loan Repayments: If you have other loans, such as car loans or personal loans that are due to end soon, making regular payments on time reflects positively on your financial stability.
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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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Depending on your timeline, consider investing a portion of your savings in lowrisk, liquid assets. Consult with a financial advisor to determine the best investment strategy based on your goals and risk tolerance.
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You will be asked for details regarding your employer such as:
Employer Address
Length of service
If less than one year in current position you may have to state:
Your previous occupation
Your length of service
Your previous employer's name and address
Salary payment method Bank / Building Society Direct Credit Cheque Cash
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Secure AIP Before House Hunting: Get pre-approved for a mortgage before you start looking for a property. It will give you a clear budget and make your offers more attractive to sellers.
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Arrears on Your House Mortgage
If you are lucky enough to secure a mortgage, especially if you are a first time buyer, you should be aware that you have a number of financial responsibilities that will accompany the excitement of owning your own property.
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Manage Your Finances Well: Avoid late payments and manage your accounts wisely, as your credit history is essential.
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Brokers may have preferred lenders or financial incentives to recommend certain products. It's essential to ensure that the broker is acting in your best interest and not solely for their financial gain.
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IrishHouses: Mortgage Debt, Arrears and House Repossession
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