The threat of rising interest rates and the effect that it has on one’s pocket at the end of the month has been a key driving force throughout 2022 when it comes to home owners and those thinking of buying requesting valuations from the O’Donnellan & Joyce valuations team.
The company offers an efficient valuation service and is on the valuers panel for all major lending institutions such as AIB, Bank of Ireland, EBS, Haven, Finance Ireland, Permanent TSB, and KBC, among others – meaning that those looking for a better interest rate from their bank can contact O’Donnellan & Joyce for a written valuation and can rest assured that their bank will accept the verified valuation report.
A €400,000 mortgage over 30 years at 2.5 per cent would cost the homeowner €1,580 per month. By way of contrast, a rise in interest rate by 0.5 per cent to three per cent will cost the homeowner an additional €100 per month. Over the course of a 30 year mortgage, this could cost the homeowner an additional €36,000, and therefore it is worth shopping around as this simple example illustrates.
The group of qualified valuers within the firm have experienced a record high in the number of requests for valuations this past year, and it is no surprise given the numerous hikes in mortgage lending interest rates that customers have faced. Both property purchasers seeking a new mortgage and those looking for a better loan to value (LTV ) mortgage deal with more attractive interest rates should contact the valuations team to discuss the valuation process.
The vast majority of bank valuations that have been completed by the team in 2022 have been in the area of LTV whereby current mortgage holders can avail of better interest rates on fixed terms ranging from two to 10 years, depending on the mortgage provider.
Aaron O’Reilly (BComm TEGoVA TRV MIPAV MMCEPI ), of the valuations team, said: “We are delighted to see the likes of Haven and AIB offering green energy interest rates where customers can avail of a reduced interest rate when their home reaches a BER of B3 or higher on the BER scale. In many cases, homeowners are investing in new boilers, upgrading insulation, and carrying out other tasks to increase their BER which in turn saves them money on home heating and on the interest due to their bank.”
O’Reilly is into his fifth year with O’Donnellan & Joyce and qualified two years ago as a TEGoVA TRV valuer, meaning that he can complete valuations to Blue Book European Valuation Standards (EVS2020 ).
While all of the banking institutions require valuers to hold this qualification, it also means that the team can complete valuations for a variety of other purposes and clients receive a recognised stamp meaning that the valuation is completed to the highest standard and harmonised with the European standard.
With nine years of experience carrying out a wide range of valuations outside of those required for mortgage lending, Shane McDonagh (BSc MIPAV TRV Assoc SCSI RICS ) has ample experience when it comes to rent reviews, commercial valuations, and probate.
If you are looking for a commercial valuation or are thinking of renting or selling a commercial property in the west of Ireland, Shane McDonagh’s experience and knowledge is sure to set you in the right direction. Having handled many large scale transactions within Galway city and further afield, he has acted for buyers, sellers, landlords, and tenants and has advised a wide range of clients through these tricky negotiations.
Each of the staff members involved in the valuations department at O’Donnellan & Joyce have undertaken years of training and education as well as annual continuous professional development (CPD ) and attending annual conferences in order to stay up to date on new valuation methods and the ever-changing economic climate.
The team pride themselves in offering an efficient service with quick turn around times, and with their vast range of knowledge in all areas of valuation, no request will be turned away.
