You’ve a 25-year tracker mortgage of €250,000. If switching from your tracker rate of 2.25 per cent to the standard variable mortgage of 4.19 per cent, you would need a €47,000 payoff to break even, according to Karl Deeter, head of customer advice with advisors.ie. You would have to use this €47,000 to reduce the amount you are borrowing — so instead of borrowing €250,000, you borrow €203,000.
Also filed in Accountancy, Economics, Financial Advice, Mortgages, Savings
|
Tagged accountants, advisors, financial advice, financial advisors dublin, karl deeter, louise mcbride, trackers
|
THE Government is to delay the implementation of an election promise to give up to €166 extra a month to those who bought houses during the boom. The move to help the “negative equity generation” will not now be in place until the end of the year at the earliest, the Irish Independent has learned.
In last weeks instalment we started by asking you to set up two things, firstly was to fill in a ‘standard financial statement’, this is now the foundation of your budget, the second was to start a ‘spending diary’. These two items will form the twin pillars of changing your wealth.
Also filed in Accountancy, Financial Advice, Investment, News of the World, Precious Metals, Savings
|
Tagged best savings choices in ireland, financial planning, how to make a financial plan, how to start savings, investing, standard financial statement
|
When a bank holds a loan worth €200,000 it is an asset valued at that figure. Even if the security for the loan is a property that has fallen in value to €100,000.
So it is no surprise that banks will do whatever it takes in order to avoid turning their asset into a 50 per cent loss. In fact, even if the loan getting into trouble it doesn’t get written down to €100,000 -that only happens after the asset value has been realised. This is in part why we have three repossessions per 100,000 mortgages, while Britain has 65 times more, at about 200 per 100,000. At the same time, there has been huge political pressure via politicians and the Central Bank (formerly the Financial Regulator), via the thrice reworked Code of Conduct on Mortgage Arrears to ensure that we don’t allow people to get their homes repossessed as long as they engage’ with the lender.
Also filed in Accountancy, Accountant, Banking, Debt, Economics, Financial Advice, Mortgages
|
Tagged debt forgiveness, distressed debt, distressed mortgage, distressed seller, imb, mortgages, problem loans, provision for bad debt, writedowns
|
THE saying “Give a man fish and you feed him for a day, teach a man to fish and you feed him for life” is a useful way to look at personal finances. After all, there are plenty of people who can tell you what to do, or give you advice to get you through the next day/week/month, but it isn’t nearly as powerful as being able to take control of your own cash.
Also filed in Accountancy, Debt, Financial Advice, News of the World
|
Tagged budgeting, financial statement, household budget, how to set up a budget, irish money saving, irish money tips, money saving tips, personal finance, saving money
|
Can I release equity in my home under age 55? Question: Can you tell me if it’s possible to release equity in my home prior to reaching the age of 55? I own my home outright and have no family to pass it on to when I die. I bought my house last October but it needs a great deal of upgrading which I have very little prospect of being able to afford any time soon.
Also filed in Accountancy, Debt, Financial Advice, Mortgages
|
Tagged age mortgage, how old can you mortgage, irish times, karl deeter, ltv, mortgage advice, mortgage questions, mortgage rates, remortgage
|
Wednesday’s Today with Pat Kenny (RTÉ Radio 1, weekdays) provided a more less heartening illustration of contemporary mores. The economist Jim Power and the mortgage broker Karl Deeter were in the studio to discuss AIB’s tentative debt-forgiveness proposals for distressed mortgage holders.
Also filed in Accountancy, Banking, Debt, Economics, Financial Advice, Mortgages
|
Tagged acca, accountants, debt forgiveness, dublin accountancy, financial, irish mortgages, jim power, karl deeter, pat kenny, pat kenny show, provision for bad debt
|
The Morning Show with Sybil and Martin covered the recent auction in Dublin, we were delighted to take part
A ‘Standard Financial Statement’ (the MABS version) is available in this link. You can download it as part of the first step in getting control of your finances back on track via our weekly News of the World column!
Wednesday, April 13, 2011
The enormity of the black hole facing banks and taxpayers is summed up by Economist David McWilliams today who says that “the banks will take €500 million a week out of the economy for the next two years”. It is a gloomy summary of our predicament – and a crisis that has squeezed homeowners, taxpayers and businesses. One sector has been given a glimmer of hope by AIB. The bank yesterday suggested that it might write off the debt of struggling borrowers. Debt forgiveness for those with mortgages they can’t repay. Joining Pat was Karl Deeter, Operations Manager with Irish Mortgage Brokers and Jim Power Chief Economist with Friends First.
Also filed in Accountancy, Accountant, Financial Advice, Mortgages
|
Tagged debt forgiveness, debt management, debt reduction, debt writedown, jim power, karl deeter, mortgage debt forgiveness, pat kenny
|
