The Supreme Court has decided to postpone its decision for an appeal, which affects the ability of the financial institutions to obtain the repossession orders which was levied on certain domestic property mortgages.
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What if bringing the adequate changes to your current mortgage could help you save thousands in the long run? Well, according to The Central Bank of England, considering the option could be particularly beneficial to Irish Citizens. The extensive research led by the financial institution has yielded compelling statistics. For instance, it has been found that 20 percent of current mortgage holders could save on their monthly premiums if they changed providers to obtain a better rate. Of course, not everybody would be eligible for the switch, but taking a look at the possibility would definitely be worth your while. Once you determine that you are indeed eligible, you will have to through a lengthy and tricky process, but again, the benefits reaped at the end of the day will certainly be more than rewarding.
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A report out this week from Daft.ie, Ireland’s number one property website, showed that Irish property prices rose on average 8 percent through 2016. And this rise is expected to continue well into this year. However, increasing prices may push many potential buyers into rental properties again.
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The tracker mortgage dishonor and scandal is back in the news and press reports. The ultimate question is Why? The Central Bank came up with a statement that 25% of clients knocked out by the scandal had been given reimbursements. It is important to note that the number of individuals affected by this problem has increased by 23% to 130000 which will further inflate.
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Since the cap was placed on rent increases at just four percent per annum, complaints about rent arrears, evictions, and illegal deposit retentions have increased dramatically, causing major disputes between landlords and tenants. The Residential Tenancies Board (RTB) has provided research into the noticeable rise in tenant complaints in several areas of the rented housing sector.
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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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