Industry lobby group Property Industry Ireland (PII) released a report recently which showed that at the end of September 2015, first-time buyers in Ireland typically had a mortgage of around €172,000.
Recent figures released regarding the state of the Irish mortgage market have revealed that many homeowners are missing out on the opportunity to make big savings on their monthly mortgage payment, partly because they are reluctant to switch to a new provider and partly due to problems within the mortgage industry itself.
This January the Central Statistics Office (CSO) has for the first time released the results of the Household Finance and Consumption Survey.
Today the Central Bank announced new regulations in the Irish residential mortgage market.
Figures this week show Dublin householders are leaving council properties in droves. With more and more borrowers struggling to meet council mortgages and choosing instead to make interest-only repayments, 41 more householders are handing back their keys to the Council.
AIB is reportedly asking would-be homeowners looking to purchase a one-bedroom apartment to pay more than a 25% mortgage deposit. As reported in the Herald.ie, the state-owned lender has reduced the level of mortgage funding for one-bedroom properties – a move could hurt first-time buyers.
Many struggling families may suffer with an additional €1,000 a year loss after they’re hit by a bundle of stealth charges, with a second wave of additional pain possible. According to Brendan Howlin, Public Expenditure minister, said €2.2 billion in spending cuts would leave all middle-income families to deal with considerably higher bills, as reported in the Irish Examiner.