The Blue Sky Rent 2 Buy register is attracting huge interest with potential buyers clearly of the same belief that prices will continue to fall over the next few years. There are over five thousand currently registered. Â We are hoping to have further discussions with several banks and NAMA with the hope that Rent 2 Buy will form part of the solution to the current housing crisis.You can register on this website by clicking the Rent to Buy Section on our home page.
Switching Mortgages
March 3, 2010 – 11:20 am
From Circa November 2009 there was an appetite from some lenders for mortgage switching however AIB has just announced that it is exiting this sector.  KBC and HAVEN remain open for business with the former willing to pay €1,000 towards the costs.Permanent tsb recently announced another 0.5% increase for all their variable rate mortgage customers bringing their standard variable rate to 4.05%. Rates of over 1.6% cheaper than this are available to all these customers where the loan is less than 80% of the property value.Contact any Blue Sky office for further information.
Housing Market Review
March 3, 2010 – 11:12 am
The Permanent tsb house price index showed house prices down by over 31% from the market peak of 2007.  As of now, however, there is anecdotal evidence to suggest that prices are down by almost 50% and for some new house developments it could even be as much as 60%.The main driving forces of this are low demand caused by the belief that prices will continue to fall and a lack of mortgage credit facilities from all lenders. It is very difficult to see when any improvement will happen given the uncertainty in the employment sector.Clearly, renting has obvious attractions with availability of good quality accommodation in most areas.
More interest rate reductions-but are you making them count
May 11, 2009 – 10:27 am
On May 7th the ECB announced a further 0.25% reduction in interest rates. Rates are now lower than ever before in Ireland so what can mortgagors do to benefit them in the long term.
If you can leave your repayment the same as you were paying before the rate decreased then this will shorten the term of the mortgage. Many First Time Buyers took their mortgage over forty years with a view to reducing the term when the time was right. The time is right NOW!!! Increasing repayments by around €100 per month can knock up to 5 years off your mortgage term. Simply contact your broker or nearest Blue Sky Office and they will let you know what difference any increased payment can make but………DO IT NOW!
Are you paying an interest only mortgage on your family home or investment property. Now could be the time to change to capital and interest. Remember most lenders will allow you to pay part interest only and part capital and interest. This will allow you to plan the eventual clearing of your loan within a definite time frame.
Arrears
May 1, 2009 – 12:35 pm
Many Mortgage holders are concerned at their ability to pay their mortgage in the event of losing their job. While there is a lack of stipulation data there is a substancial amount of anecdotal evidence which suggests that the take up on Mortgage Repayment Protection is low. Customers are strongly advised to discuss the situation with their broker or lender at the earliest possible stage. Banks will enter into arrangements such as interest only payments for a period, repayment holidays etc. In most cases entering into arrangements before arrears occur will protect the customers credit rating. Are there areas where the customers can cut back? The Blue Sky Price Check Challenge will help to identify areas of possible expenditure reduction. Â
House Prices
January 19, 2009 – 12:58 pm
Official figures show that house prices have dropped by approximately 11% in 2008. However, it would appear that they will continue to fall in 2009 particularly in the First Time Buyer sector. There is a large number of completed new builds for which sales have been very slow over the last eighteen months and poorly located apartments would seem to be the worst effected. There are indications that banks will force sales in order to recoup outstanding revenues from developers.Â
Home Choice Loan
October 31, 2008 – 2:07 pm
The Government backed Mortgage Scheme for First Time Buyers is being rolled out at the moment. We have applied for accreditation under this scheme and we hope to have this in place in the next week or so.
Does it bring a lot to the table?
Not really, as it is not offering anything that isn’t on offer from other banks except maybe the odd bad credit case may get through.
Basic criteria;
- The loan is provided by several local authorities for First Time Buyers who cannot get sufficient finance from a bank or building society.
- The max loan to 92% of purchase price or €285,000.
- The term is 30 years.
- Available for newly build houses only.
- Earnings must exceed €40,000.p.a.
- Applicants must be in permanent employment for at least two years. Self employed applicants must have two years certified accounts.
- Applicants must have letter of decline from a bank or building society.
- The loan is not available for affordable houses.
Interest Rate Outlook
October 31, 2008 – 1:34 pm
Following on the recent 0.5% reduction on the ECB rate. The rumour mill is suggesting that another 0.5% reduction will be on the cards before Christmas…… roll on Santa Claus.
Budget 2008
October 20, 2008 – 2:27 pm
There was mixed news in Budget 2008 for mortgagors. First Time Buyers will see tax relief increase by 5% in year 1 & 2 and by 2.5% in years 3, 4 and 5. On a €250,000 loan this is a saving of approximately €55 per month and €27 per month respectively. Second Time Buyers on the other hand will see tax relief fall by 5% which means someone with a mortgage of €250,000 will be €55 a month worse off. Â
Those with a house to let will have to pay a new €200 per year tax.
Yes: Mortgages are still available
October 8, 2008 – 12:25 pm
Some people think that due to the current credit crunch mortgages are not available at the moment. This of course is not the case. Mortgage funds are still plentiful, however most banks have cut back the precentage loan they will offer. The 100% First Time Buyer Mortgage is not available any longer except for affordable housing (based on no more than 80% of the open market value). The maximum now is 95%.Â
Re-mortgage finance is still available for up to 90% of the property value.
Free switching (i.e. no legal fee’s) is still available but generally for loans exceeding €200,000.
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