Search Results for 'Brokers Ireland'

Commenting on the CSO Residential Property Price Index for October, Brokers Ireland said the 2.3% year-on-year increase marks a bigger increase than has been seen for several months.

Welcoming the initiative by Banking & Payments Federation Ireland for mortgage holders who want to switch lenders but have had credit issues in the past, Brokers Ireland, a participant in assisting those seeking to switch their mortgages said now is a good time to remind mortgage holders running into difficulty to reach out for help before falling into arrears.

To assist consumers who have a pre-existing illness and are attempting to obtain life cover for mortgages, Brokers Ireland has today launched a register of 170 brokers who are available to help those experiencing difficulties.

Responding to the recent Central Bank Retail Interest Rates publication for January, Brokers Ireland said while the weighted average interest rate on new Irish mortgages is almost a quarter percentage point (0.23 percent) lower than the euro area average as a whole it is showing increased upward momentum, having risen 24 basis points in one month, from 12 the previous month.

The risk of underinsurance for consumers and businesses has grown greatly arising from inflation and other global factors and means that in the event of a claim both can be exposed to having to foot substantial costs where the sum insured is not sufficient to cover losses, Brokers Ireland has stated.

Responding to the Central Bank Retail Interest Rates for June, Brokers Ireland has stated: "While there is a very welcome and further narrowing of the gap between Ireland and the euro area average interest rate, with Irish mortgage holders now paying less than 1pc (0.78pc) over and above the euro area average - it is of no practical effect to borrowers who should concentrate on getting the best mortgage rate available in the Irish market; and who should do so in the very short window left before the ECB raises its rate further as it has already indicated."

Commenting on the CSO Residential Property Price Index for February, Brokers Ireland has stated that a further rise in property prices, this time a jump from 2.6 percent to three percent between January and February, reflects the strong demand amid decreasing supply – the latter down eight percent month-on-month in February.

Commenting on the most recent Central Bank Retail Interest Rates publication for February, Brokers Ireland said the increase in the volume of new mortgage agreements of seven percent year-on-year in February and particularly the 23 percent increase month-on-month between January and February 2021 reflects the increasing demand for mortgages, despite the ongoing pandemic.

Responding to the most recent Central Bank Economic Letter on mortgage switching, Brokers Ireland said more needs to be done to educate consumers and help them overcome the “in-built culture of not switching.”

As the Central Bank’s retail interest rates reveal a continuing gap, 1.46 percent for June, between Irish and euro area mortgage holders, with Irish consumers paying this excess (2.79 percent Irish versus 1.33 percent euro area average), the writing may be on the wall for this high level of divergence, given the entry of more competition into the Irish market, Brokers Ireland has said.