Recently, the Central Bank released a report on the drop in mortgage arrears for the first quarter of 2017. Stating that the number of mortgages in arrears had again dropped, for the fifteenth consecutive quarter, this gave the impression of a positive momentum in the downward trend of mortgages in arrears. The bigger picture of the situation is disquieting, though.
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When the European economy crashed a few years ago, many Irish citizens moved abroad as a temporary solution.People were being laid off from their jobs and the adventurous move seemed to be the best financial option at the time for many. However, since the situation in Ireland has now become more welcoming, buying a house in Ireland and moving back is now a priority. But the situation might be a little harder than expected, given that obtaining a mortgage as a returning emigrant has proven to be particularly complicated.
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The number of mortgage holders on the lookout for debt solutions is on the rise. The first quarter of 2017 witnessed 1,302 people applying for debt solutions at the Insolvency Service of Ireland, with a total debt amounting to € 610 million. This reflects an increase of 128% compared to the same period in 2016.
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Insolvency is on the rise in Ireland. With more and more people officially reporting their cases of financial disadvantage, the Insolvency Service of Ireland (ISI) hopes that the trend remains steady to encourage more people to take the first step towards remedying their situation instead of waiting too long.
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It is expected that by the end of 2017 the average price of houses will rise by 10pc and by 2018, it will jump by another 8pc. Although the demand for accommodation is being catered for, the rhythm at which these properties are being delivered to their homeowners is too slow, leaving many individuals and students in difficult situations.
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