Buying a home in Northern Ireland has become too hard for many people. The Irish mortgage market has been described as “dysfunctional”, and is not allowing demand for house purchases to be met.
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Philip Lane, Governor of the Central Bank of Ireland, has taken the decision to relax existing rules regarding mortgages in Northern Ireland. Taking effect as from January 2017, this new set of measures will mean that more people can afford to jump on the property ladder and allow certain families to sit back.
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There are times when debts can pile up, and you may find yourself unable to pay them all. If you find that your debts are greater than your income, there are several options available to you to help manage them. One option, although quite extreme, is bankruptcy.
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In an article published in the online version of Irish Times on 19 December 2016, the latest updates on Central Bank’s examination of tracker mortgages are discussed. The new moves will create changes to the bank’s current mortgage rules and aims at providing easier loan requirements for borrowers.
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The European Central Bank (ECB) considers that the Central Bank of Ireland’s (CBI) decision to legislate regarding mortgage rates could be tantamount to a possible conflict of interest. In a 15-page opinion paper, ECB president Mario Draghi wrote that the Bill, if voted by Irish parliamentarians, would harm the banking sector in Ireland and by extension the Euro zone. The draft law would also forbid banks to claim different rates to existing and new clients.
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There is no escape. The risk of the repossession of homes is looming above thousands of Irish families. In an interview to the Irish Mirror, Senior Counsel Ross Maguire, who is working for New Beginnings, states that foreclosure orders are bound to shoot up after Christmas, kicking out fathers, mothers and children out of their homes by New Year.
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The Central Bank of Ireland recenetly published data showing that mortgage rates in Ireland had dropped slightly in September 2016. However, these figures still stand out at being twice more than the European average.
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