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Mortgage
rates in Ireland are closely linked to the European Central Bank rate
- which has just seen several drops since October 2008 and is now at it's
lowest rate ever - 1% (Since Sept 2009)
At the Money
Guide Ireland web site - you can find up to date interest rate
figures and the
Lowest mortgage rates in Ireland
House sales in Ireland have dropped sharply since early 2008 but 2011
might see some sort of recovery with the lower interest rates and lower
house prices.
There is strong competition for mortgage business in Ireland - with brokers
being a major route for many borrowers.
Some lenders now don't deal with brokers - such as NIB (National Irish
Bank) or Ulster Bank. There was bad publicity for mortgage brokers in
July 2008 when an RTE Prime Time program revealed that some brokers were
encouraging applicants to lie about income levels.
100 % mortgages
are now impossible to obtain - 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 Tracker mortgages have been withdrawn for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 in Ireland. More about
Mortgage Tax Relief here.
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