Mortgage
rates in Ireland are closely linked to the European Central Bank
rate - which is now 1% after 2 cuts in November and December -
Many borrowers in Ireland are on ECB tracker rates - which have been
at very low rates for the past 2 years.
At the Money Guide Ireland web site - you can find out where
to get the
Lowest mortgage rates in Ireland
- and some idea of How
Much Can You Borrow
House sales in Ireland have dropped sharply since early 2008 but 2011
might see some sort of levelling off or maybe even recovery with lower
house prices and lower stamp duty for many buyers.
In the Irish property boom many people used mortgage brokers to apply
for mortgages. There were many stories of income figures being "adjusted"
and imaginary tenants invented in order to get bigger mortgages. No
one worried because they assumed that house prices would go on rising
!
The number of mortgage lenders operating in Ireland has been cut -
now just the following banks are taking applications for mortgages
- but the criteria are stricter than they were.
Allied Irish Bank ; Bank of Ireland, PTSB, NIB , Ulster Bank ,
KBC
Halifax and Bank of Scotland pulled out of the Irish market in 2010
100 %
mortgages are now impossible to obtain in Ireland - most lenders will
not lend any more than 92% of the house value now. Tracker mortgages
have been withdrawn for all new customers by all lenders.
Tax relief
on Mortgage Interest payments is still given to first time Buyers
in Ireland - but is due to be abolished after 2012 . More about
Mortgage Tax Relief here.
