Growth in mortgage lending dropped below 10% for the first time in more than 20 years in July.The Central Bank says its latest figures underline how much activity in the housing market has dropped.
The amount of money owed in mortgages grew by 9.6% in the year to July - the first time this figure has been below 10% since late 1987.
The monthly increase in mortgage lending came to less than €1bn, which the bank says is less than half of what was being recorded this time two years ago.
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Mortgages scare some people and if you are reading this because you are considering a mortgage then hopefully it will help you realise that while buying a property is a big undertaking, getting a mortgage doesn’t need to be. In this article there are some questions, answers, and a few general tips to bear in mind.
Which is better, a bank or a broker?
Obviously I have a bias towards brokers, a good brokerage with at least 12 agencies will be able to give you a huge selection of choice acros... read more »
THE VALUE of new mortgages advanced in the three months to June dropped 13 per cent, bringing the decline for the first half of this year to 16 per cent, new figures reveal.
Tighter lending rules and declining demand amid falling property prices and higher bank funding costs have brought activity in the mortgage market in value terms below levels last recorded in 2005, according to statistics pooled by the State's mortgage lenders.
Just over 35,000 new mortgages worth €7.5 billion were a... read more »
4
Aug
Fixed Rate Mortgages
Make budgeting easier with repayments that stay the same for an agreed period of time
More control
Give yourself security and peace of mind of knowing in advance what your monthly repayment will be until the end of your chosen term.
Flexible Tracker Mortgages
Flexible Tracker Mortgages offer a guaranteed margin above the base interest rate set by the European Central Bank (ECB).
Flexible Tracker Mortgage with ufirst discount
Avail of a Tracker mortgage with a re... read more »
4
Aug
Mortgage Legal aspects
There are essentially two types of legal mortgage.
Mortgage by demise
In a mortgage by demise, the creditor becomes the owner of the mortgaged property until the loan is repaid in full (known as "redemption"). This kind of mortgage takes the form of a conveyance of the property to the creditor, with a condition that the property will be returned on redemption.
This is an older form of legal mortgage and is less common than a mortgage by legal charge. In the UK, th... read more »
4
Aug
Borrower
Mortgagor is the legal term for the borrower, who owes the obligation secured by the mortgage, and may be multiple parties. Generally, the debtor must meet the conditions of the underlying loan or other obligation and the conditions of the mortgage. Otherwise, the debtor usually runs the risk of foreclosure of the mortgage by the creditor to recover the debt. Typically the debtors will be the individual home-owners, landlords or businesses who are purchasing their property by way of a ... read more »
Mortgage lender
Mortgagee is the legal term for the mortgage lender. The main function of the mortgage is to provide security to the lender. Given the large sum of money involved in financing a property, a mortgage lender will usually want security for the loan that will provide a claim upon that security and will take precedence over other creditors. A mortgage accomplishes this security.
The lender loans the money and registers the mortgage against the title to the property. The borrower... read more »
4
Aug
A mortgage is the pledging of a property to a lender as a security for a mortgage loan.
While a mortgage in itself is not a debt, it is evidence of a debt. It is a transfer of an interest in land, from the owner to the mortgage lender, on the condition that this interest will be returned to the owner of the real estate when the terms of the mortgage have been satisfied or performed. In other words, the mortgage is a security for the loan that the lender makes to the borrower.
The term come... read more »
