New demand for property by first-time buyers is expected to drive market growth in the coming year. Real estate agents are expecting a rise of nationwide following the new regulation changes.
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The state of confusion is prolonging itself in Northern Ireland. Recovery signs of the Irish economy- published recently in a report by the Central Bank- may be perceived as being merely superficial as massive mortgage arrears are gangrening the financial system and the lives of thousands of families. As such, out of the total amount of €11.5 billion representing mortgage arrears as a whole, more than €7.82 billion have exceeded two years. In the same breath, some 35,000 families may be kicked out of their homes.
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Plans to buy up to €100m in Irish mortgages from Pepper Asset Management ended with Permanent TSB (PTSB) pulling out of the talks, leaving Pepper needing to find a new buyer for part of their €600m portfolio.
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Australian financial services company, Pepper, is now selling mortgages directly to the Irish homebuyer market. As at November 2016, the global company has released its home, car and personal loan portfolio as part of the Irish lending market.
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In a document submitted to the Oireachtas finance committee, Ulster Bank reports that their new mortgage lending has increased by 49 percent. This follows on the Central Bank’s loosened rules on lending.
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The Professional Insurance Brokers Association (PIBA) chief operations officer, Rachel McGovern, said that the easing of the restrictions was welcomed. However, she also went on to say that, by not altering the rules for existing homeowners, the regulator’s decision was “very unjust”.
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In an article published on 26 August 2016 by the Irish Independent, Charlie Weston discusses the mortgage rate battle that ensued among the major banks in Ireland as they cut down on their mortgage prices to attract borrowers.
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In an article published in icas.com on April 6, 2016, Mr. David Menzies, the Director of Insolvency covered the changes to Northern Ireland’s insolvency legislation. The modifications affect insolvency cases, the authorisation of IP’s in representing their clients, both companies and individuals, and the new measures introduced to strengthen the regulatory framework to further elevate the trust for the profession.
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The Irish mortgage market currently has almost 16 percent of its loans dating back to more than 90 days in arrears, according to data produced by Germany’s Deutsche Bank.
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Insolvency has been an issue for many with the recent economic depression. 2015 figures released by the government have shown a decrease in Irish insolvency. But is this a true reflection of the state of the country?
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