Recent Articles

Shortage of Mortgage Funds

Paul McNally
May 03, 2008 11:49

In the UK it is becoming increasingly difficult to obtain mortgages. First Direct suspended new mortgages recently as have Halifax. The number of available mortgages has been reduced by nearly 40% this week. This is because of the credit crunch and the non-availibility of funds on the wholesale...

Problems in Obtaining Mortgages

Paul McNally
May 03, 2008 11:44

Credit is becoming more difficult to obtain because of the rise in the cost of inter-bank borrowing since last Autumn. This has led to a rise in the cost of money to borrowers. People on tracker mortgages won’t be affected. However people looking for new tracker mortgages will have to pay...

Funding of Irish Banks

Paul McNally
April 19, 2008 05:54

According to S&P’s recent report on Irish banks wholesale funding accounts for between 46% and 48% of the needs of the banks equivalent to the European average. The reluctance of banks to lend to each other has caused the interbank interest rate to go well above the key European Central...

Switching Mortgages in the UK

Paul McNally
April 19, 2008 05:52

In the UK borrowers wishing to switch mortgages are running into problems as a consequence of Lenders pushing rates up and tightening lending criteria. Lower property valuations is intensifying the pressure on homeowners to find new mortgages forcing borrowers to stay with their existing lenders at...

Ratings of Irish Banks

Paul McNally
April 16, 2008 17:32

Standard & Poors ratings of Irish Banks last September stated that all Irish banks had experienced a rise in their wholesale funding needs, driven by a sustained periodof high credit growth leaving Irish banks with a relatively high reliance upon wholesale funding compared with most banking...

Irish Banking System

Paul McNally
April 16, 2008 17:28

According to the Daily Telegraph of last week the Irish property slump is creating dangers for the Irish Banking system. Prof. Nouriel Roubini in an interview in the recent issue of Business & Finance magazine says we are potentially facing greater problems than the United States because our...

Tax Relief on Mortgages

Paul McNally
April 13, 2008 10:55

Since 2006 there has been a maximum tax relief benefit accruing to first time buyers of €2,400 per year for couples purchasing homes in respect of mortgage interest relief. This amounts to €200 per month between the couple. This maximum benefit is dependent on the mortgage being...

Land Registry fees

Paul McNally
April 13, 2008 10:51

Anyone buying a property will be advised by their Solicitor that there are certain outlays to be incurred in addition to the Solicitor’s fee. One of these outlays is the registration fee. This fee – as is clear from its description – relates to the cost of registering the...

Rental Market

Paul McNally
April 13, 2008 10:48

According to the recent Daft report on the rental market the supply of rental accommodation has increased almost twofold in the last year. How can this be explained? The Daft report suggests that the increase in supply arises from investors letting out property which had previously not been let out...

lack of information on property market

Paul McNally
April 08, 2008 17:39

The lack of statistical information on movements in the housing market in Ireland is strikingly obvious. It is impossible to get official information on the decline in property prices over the past year as against, say, 2006. The same applies to the number of houses for sale and how long they have...