We were mentioned in an article by Charlie Weston in the Irish Independent about Ulsterbank. They have decided to jack up their variable interest rate by 0.6%, our response is below: Karl Deeter, director of operations at Irish Mortgage Brokers, said the move by Ulster Bank meant it now had one of the highest variable rates in the market. “This increase means there is no safe haven for borrowers if you do not have an existing fixed rate or a tracker,” he said. This accurately reflects our sentiments on the matter, there are effectively no ways for consumers to protect themselves.
Also filed in Accountancy, Advisors.ie In the Press, Debt
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Tagged change in rates, financial advice, mortgage advice, mortgage help, mortgage hike, mortgage rates, rate hike, ulster bank, ulsterbank, variable rates
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Ask anybody ‘what would you do with some extra money?’ and you’ll get a lot of different answers, but this week it is your turn to decide. Because over the last three weeks we have shown you how to take a snapshot of your financial situation then how to use that as a blueprint in finding ways to save money. Without too much effort an average savings of €2,000 is possible simply by re-jigging some of your spending patterns, so where to from there? In finance there is a hierarchy that advisors tend to adhere to and in rank and order it is as follows: Protection, Investment, Savings, Retirement planning and Mortgages.
Also filed in Accountancy, Accountant, Advisors.ie In the Press, Financial Advice, Gold and Silver, Investment, life assurance, News of the World, Pensions, Precious Metals, Savings
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Tagged building a financial portfolio, financial advice, personal finance, portfolio
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“Getting rid of debt is a good idea, and the new Permanent TSB bonus scheme puts a sweetener on it,” said Karl Deeter, head of customer advice with the financial advisers, advisors.ie. “If you don’t have a rainy-day fund, this is not for you. If you have debt elsewhere that is at a higher interest rate, it is a bad idea.”
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, Advisors.ie In the Press, Economics, Financial Advice, Savings
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Tagged accountants, advisors, financial advice, financial advisors dublin, karl deeter, louise mcbride, trackers
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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.
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, Advisors.ie In the Press, Banking, Debt, Economics, Financial Advice
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Tagged debt forgiveness, distressed debt, distressed mortgage, distressed seller, imb, mortgages, problem loans, provision for bad debt, writedowns
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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, Advisors.ie In the Press, Debt, Financial Advice
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Tagged age mortgage, how old can you mortgage, irish times, karl deeter, ltv, mortgage advice, mortgage questions, mortgage rates, remortgage
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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, Advisors.ie In the Press, Banking, Debt, Economics, Financial Advice
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Tagged acca, accountants, debt forgiveness, dublin accountancy, financial, irish mortgages, jim power, karl deeter, pat kenny, pat kenny show, provision for bad debt
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The Morning Show with Sybil and Martin covered the recent auction in Dublin, we were delighted to take part
Midweek on TV3 had a segment on debt forgiveness and it featured some commentary from Karl Deeter of our company. The piece is above, the topic is provocative!
