News
Nama throws the market a lifeline
May 17th, 2012
While there are some grumbles of dissent about Nama’s Deferred Payment Initiative for homebuyers, the scheme is generally being well received as somethig the property market desperately needs right now. Read on
Central Bank clarifies rules for lenders on contacting consumers in arrears
May 02nd, 2012
The Central Bank of Ireland has issued a letter to lenders, clarifying the protections and limits on contact with consumers in arrears set out in both the Consumer Protection Code 2012 (‘2012 Code’) and the Code of Conduct on Mortgage Arrears (‘CCMA’). Both Codes are based firmly on the principles of early and proactive engagement [...]
Permanent TSB is to cut its standard variable interest rate for residential mortgage holders by 0.50 percentage points.
May 01st, 2012
The bank said the cut will see its variable mortgage rate move from 5.19% to 4.69%, which moves it closer in line with its main competitors’ rates. The cut will take effect from May 14 and will result in savings of about €52 a month for a customer with a mortgage of €200,000. About 74,500 [...]
The Central Bank has said Irish property prices have overcorrected by between 12% to 26% compared with the fundamental value of properties.
May 01st, 2012
The Central Bank has said that Irish property prices have overcorrected by between 12% to 26% compared with the fundamental value of properties. The bank suggests that a lack of consumer confidence and expectations about further price falls is holding back purchases. It also said that a lack of mortgage finance from banks is restricting [...]
House price decline slows for first time in seven months
April 27th, 2012
RESIDENTIAL PROPERTY prices fell further in the year to the end of March, but the pace of decline slowed for the first time in seven months, according to new data published yesterday. According to the Central Statistics Office, prices for homes fell by an average of 16.3 per cent on an annual basis last month, [...]
Insolvency bill put back until June.
April 27th, 2012
THE Department of Justice said the planned publication of the country’s planned personal insolvency laws would probably be delayed by two months to the end of June. “This is a very lengthy and complex bill from a legal standpoint, with proposed provisions which do not currently exist in Irish law,” a spokeswoman said in an [...]
Norway,1990s Mortgage crisis.Irish Times
April 24th, 2012
FREE LEGAL ADVICE CENTRE CONFERENCE: WITH A NEW Bill to reform Ireland’s outdated bankruptcy laws due to be published next week, the topic of personal insolvency is back on the boil. Speakers at last week’s Free Legal Advice Centre conference on the topic of “legislating for personal insolvency” certainly turned up the heat. The commonsense approach [...]
Interest-only homeowners take Permanent TSB to High Court
April 24th, 2012
A GROUP of homeowners who don’t want their bank to switch their mortgages from interest-only have taken their case to the High Court. Seventy-four sets of proceedings have been launched against Irish Life and Permanent TSB after the bank announced last year it was going to make the homeowners pay back the capital on the [...]
Mortgage writedowns worked in Norway, says expert
April 20th, 2012
ALLOWING people to write-down some of their mortgage debts was advocated yesterday as a way to deal with the housing and personal debt crisis. A conference organised by the Free Legal Aid Centres (FLAC) heard that allowing people write-downs on their debt in Norway in the 1990s proved effective. Egil Rokhaug of Norway’s ministry of [...]
Bank of Ireland has announced that it has launched a range of new mortgages available to customers in negative equity.
April 19th, 2012
The bank says the new mortgages are in line with Central Bank guidelines, and they say, will allow greater numbers of customers, that are in negative equity to move home. Customers will undergo a full assessment, says the bank and must demonstrate that they can afford the new mortgage. The mortgages will be offered in [...]
