The Central Bank has dismissed calls for the introduction of formal switching legislation to make it easier for consumers to change their mortgage lender.
Official figures showing that well under half of workers are making plans for any sort of retirement pension highlights again the challenges facing the Government and the pensions industry as the State’s population ages.
Update: CEO of the Irish Brokers Association Ciaran Phelan said the AIB cut was welcome, but still very high by European standards.
Chief executives of the two bodies representing 90% of the country’s insurance brokers have said plans by the Central Bank to hike levies on intermediaries by 45% are “unacceptable”.
Drivers are set to face even higher premiums in the coming months as insurance sector bodies continue to quibble over the cause of the increases. Figures from the CSO last week showed premiums have ballooned by 24.4% in the past year.
Motorists are facing yet another hike in insurance premiums to cover the cost of the €90m in outstanding claims left following last year’s collapse of Setanta Insurance Company.
The number of owner-occupiers sliding deeper into arrears who now find themselves two years or more behind on their repayments has increased for the 11th consecutive quarter.
Groups working with distressed mortgage holders have welcomed “belated” attempts by the Government to address the mortgage arrears crisis but criticised the lack of detail available so far.
AIB will look at reducing its variable interest rate for mortgage customers in June, its chief executive has said.
The plight of variable rate mortgage holders being left out in the cold by the banks is falling between a number of agencies — none of which are taking responsibility for the situation.
Bank of Ireland yesterday came under fire for ignoring existing variable-rate mortgage customers as it unveiled interest-rate reductions across other mortgage products.
The finance minister has been asked to lobby at EU level to close loopholes which allowed Setanta to leave 75,000 insurance customers without cover when it went bust.
Almost three quarters of householders whose mortgages are more than 90 days in arrears have not had them restructured, the Department of Finance has confirmed.
Tracker mortgage holders will benefit to the tune of €150m from the latest ECB interest rate cut as their repayments fall from next week but those on variable mortgages look set to lose out once again.
The Government was accused last night of reversing a commitment to scrap the pension levy, with the Budget 2014 announcement that it will actually increase next year.
Motor insurance premiums will soar by 30% if the Government pushes ahead with increasing award limits of district and circuit courts, according to the Irish Brokers Association (IBA).
The main banks are unlikely to meet previously stated mortgage lending predictions for this year, one industry representative has warned, despite new approval figures suggesting signs of market growth.
Nearly 4,000 people rushed to draw down mortgages in the final three months of last year to take advantage of the Government’s mortgage interest relief.
State-controlled AIB plans to do €2bn in mortgage lending this year, which is double the €1bn target the bank had last year.
Mortgage interest rates payable by consumers remained largely unchanged in May, but are still lower than the eurozone average, according to the Central Bank.
More than a third of people have no mortgage debt attached to their home.
Consumers are paying less interest on their mortgages than other Europeans and are also earning more on their deposits.
Homeowners with tracker mortgages should not switch to standard variable rates unless they secure a 25% writedown on their loans.
House prices have continued to fall amid warnings that it could be a decade or more before prices recover.
The mortgage crisis has reached record proportions, with one in seven homeowners now unable to meet their repayments and over 100,000 homes at risk.
Hundreds of thousands of people struggling to pay their mortgage have been advised to seek help rather than face a debt mountain alone.
MORTGAGE-holders may be in line for significant reductions on their monthly repayments with an interest rate cut predicted this week.
NEARLY 100,000 mortgages are in distress, with the total of arrears now exceeding €1 billion, Central Bank figures have shown.
MORTGAGE lending has fallen by more than 50% in the last year but edged up slightly in the last few months.
WOMEN need up to 20% more than men in their retirement pension pots, but significantly fewer females have a nest-egg compared with males.
THE head of the country’s largest pensions provider has warned of a “crisis in confidence” in the sector and of a real possibility of earners being dissuaded from saving for the future.
ALMOST 80% of Irish consumers who switched a product or service provider in the past year have saved money, a study reveals.
HOMEOWNERS are likely to hear some welcome news today with the European Central Bank (ECB) tipped to indicate it will put a halt to more interest rate hikes for now.
HOMEOWNERS trapped in negative equity could be stuck there for the next 14 years.
THE number of homeowners looking for help from their bank has doubled in the last few months.
IT could be 2014 before the European Central Bank (ECB) raises rates again, according to an Irish Examiner survey.
THE number of mortgage holders falling into arrears is set to increase further, says international credit rating agency, Fitch.
INTEREST rates could rise again before the year is out, following indications from the European Central Bank (ECB).
MORE than four out of five homeowners will be exposed to the prospect of rising mortgage costs today as interest rates are expected to rise.
THE Government has been warned against making its planned 21% cut on income tax relief on pension contributions, for fear of totally alienating private sector workers.
SMOKERS are paying thousands of euro more each year for life cover, a study has found.
ULSTER Bank is hiking its standard variable mortgage rates in a move that will add around €100 onto the monthly repayments of a €300,000 loan.
MORTGAGE lending has halved, with an average of just 36 approved per day in the first three months of the year.
THE National Consumers Agency has launched a mortgage rate change calculator to help those considering changing their mortgage to a new rate or term, or making a lump sum payment.
HOMEOWNERS with plenty of cash will be the main benefactors of a sweetener for tracker mortgage holders on offer by Permanent TSB.
HOMEOWNERS could be hit with two more interest rate hikes this year if the Government fails to deliver on a commitment to stop banks passing on rises to mortgage holders.
STRESS tests are set to show Ireland will need to pump another €18 billion into its banks, it emerged last night.
HOMEOWNERS are to be hit again by rising mortgage costs as AIB raises its fixed-rate offering.
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