EBS offers new cash-back offer on its mortgages

EBS is the latest financial institution in the Irish market to introduce a cash-back offer on its mortgage products.

Since last week customers who draw down a new mortgage with the lender will receive 2% back in cash.

This would mean that a typical customer borrowing €200,000 would receive €4,000.

However, the window on the offer is relatively tight, as it expires at the end of October.

EBS chief executive Des Fitzgerald said its research has shown that “some customers, especially first-time buyers, have a strong appetite for cash offers, but still want to avail of very competitive mortgage interest rates”.

The 2% cash back is available to customers taking out fixed or variable mortgages on private homes, including first-time buyers and customers moving to a new home.

The move follows similar 2% cash back offers from both Bank of Ireland and Permanent TSB.

Bank of Ireland's offer, which started in June of last year, runs until the end of September.

Meanwhile, PTSB's cash-back offer – launched in January – applies to mortgages approved by the end of this month.

Cash-back offers such as these are generally aimed at customers who need to cover costs related to house purchases – such as stamp duty, as well as legal and valuation fees.

The post EBS offers new cash-back offer on its mortgages appeared first on MyHome.ie Advice & Blog.

Lisney's view on the impact of Brexit on the Irish property market

People are still getting their heads around the possible impact on Ireland in relation to Britain's impending exit from the European Union.

It is unclear as yet what impact it will have on the property market but estate agents Lisney have attempted to clarify the matter after issuing a press release titled 'How will Brexit impact on the Irish property market?'

It reads as follows:

“The answer is that nobody knows and it will take a number of years for the full effects to materialise.  However, in the shorter-term, the uncertainty created by the vote is likely to have an impact upon the Irish economy and in turn the Irish property market in terms of a 'wait and see' approach.

“On the positive side, the office occupational market could experience an increase in demand from international companies requiring a foothold in the EU.  As is well known, Ireland ranks very highly in attracting such companies and given that competition from the UK will be reduced, added to the fact that we will be the only English speaking country remaining in the EU, our attractiveness will grow.  This will have ramifications for the office market and the challenge will be to have an adequate supply of office space available over the coming years, particularly in Dublin city centre.  In spite of this, we don't expect a mass influx of companies and any increase in demand for space will be on a gradual basis.

“Linked to this will be improving the supply of housing.  FDI companies by their nature employ a large number of foreign staff and this could put even more pressure on the very constrained housing market.  Such foreign workers generally like to live in close proximity of their work, so increasing apartment building in the city centre will be important.  There could be some key opportunities here for investors in building blocks of apartments but action will be required sooner rather than later.

“The construction industry is reaching capacity, particularly in Dublin. A cooling of the construction boom in the UK, which we now expect, may bring some capacity to Ireland and should help ease concerns about construction cost inflation.

“In terms of the investment market, funds and private investors from the UK have only made up a small proportion of those buying properties in recent years.  Hammerson and Aviva are the most notable.  However, Irish investors have always been active in the UK investment market and Brexit may mean that they will consider investing more domestically rather than the UK in the future.  Investment is a confidence business. Uncertainty hammers confidence and we expect a considerably quieter second half of the year in 2016 compared to the last two years.  Astute investors will find opportunity in that.

“On the more negative side, the effect on the Irish economy is at the forefront.  Depending on the trade deal reached between the EU/Ireland and the UK, the degree to which Irish exports will be affected will vary.  The UK is Ireland's second largest trading partner with 17% of our exports going to there.  Even in the short-term a weakening in Sterling is bad news for Irish exporters due to competitiveness.  But in the longer-term, if Irish exports to the UK fall considerably, this could have a major effect on Irish economic growth and jobs.  In turn, this impacts on demand for both residential and commercial property.  Industrial and distribution occupiers in Ireland are very much linked to and through the UK.  Changes here are inevitable with some potential for greater emphasis on air freight and direct access to continental ports.

“The really worrying issue is the larger destabilising effect this has on Europe as a unified continent which has been a rock on which our economy is based for over 40 years.

“The property market will adapt and Lisney will work to help our clients make the best property decisions. This is something we have been doing since long before the EU began.”

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Over 150 properties to be sold at latest Allsop auction

Over 150 houses, apartments and commercial properties will go under the hammer at the next Allsop auction on Thursday 30^th June at the RDS Concert Hall, commencing at 9am.

The total value reserved for properties is almost €30m. For the first time Allsop are including a section for Allsop Private which will take place mid-morning.

At the launch of the Allsop catalogue, Robert Hoban, Commercial Director & Auctioneer commented: “In this latest catalogue, we have assembled over 150 lots in total. A strong Dublin showing sees a large portion of the 61 houses and 13 apartments located in the greater Dublin area. A number of land lots will provide opportunity for the developer and speculator.”

Richard O'Neill, Head of Allsop Private & Auctioneer commented:  “We are extremely pleased to offer this selection of 25 properties at an average lot size in excess of half a million euro. The section comprises a bespoke selection of highly desirable city centre investments and multi-family portfolios. We anticipate that the strength of locations and the potential income streams on offer will appeal to a broad range of private and professional investors.”

Allsop Private

There are 24 properties in this segment (Lots 20-44) focussing on higher value commercial investments and multi-unit residential premises. The Allsop Private section provides a total value on reserve of €13.5m and an average lot size of €540,000.

Over 70% of the lots are located in Dublin. Office highlights include two offices in the ever popular Grand Canal Docks – Lot 20, 7 Clanwillian Square, offers 3 floors of office space extending to extending to approximately 156 Sq.m with annual rental of €48,000, reserve range €565,000-€655,000 and Lot 26, 4 Clanwilliam Square, a mid-terrace office extending to 148 Sq.m and let to Marketing People at a rent of €35,000 per annum, reserve range €485,000-€555,000; in Navan over 879 Sq. m of offices are let on a brand new five year lease to the HSE with Current Rent Reserved €130,000 per annum. The new lease has been put in place following the expiration of the HSE's previous 9 year & 9 month lease from November 20005, reserve range €975,000 – €1,150,000.

Retail highlights include 7 x retail units split into two lots in Dublin 8 – lots 34, four city centre retail properties for sale as one lot on Patrick Street with annual rental income of €65,014 per annum, reserve range €580,000 – €640,000; and lot 38, three retail properties for sale as one lot on Dean Street, Total Current Rent Reserved €54,000 per annum; reserve range €480,000 – €540,000.

A prime restaurant investment in Temple Bar also features in the Allsop Private auction. It islet to the well-known Pintxo Pincho Ltd t/a The Port House Pintxo on a 25 year lease from 2007 with a rental income €45,000 per annum at a reserve range of €580,000 – €610,000.

On the residential side, investment properties include portfolios of houses and apartments in Dublin and Kildare. Highlights include a portfolio of 11 apartments arranged to provide 4 x one bedroom, 5 x two bedroom and 2 x three bedroom apartments in Meakstown, Dublin 11, rental income is  €103,200 per annum with vacant possession of 2 x one bedroom apartments and 1 x two bedroom apartment, reserve not to exceed €1,1000,000; an unbroken terrace of four houses together with a corner site in Dublin 8, with rental income of €58,800, reserve range €740,000-760,000; and 8 self-contained units on Upper Clanbrassil Street with rental income of €60,660, reserve range €500,000-€600,000.

Residential & Investment 

This catalogue also offers a broad range of houses and apartments located nationwide, a selection of multi-unit investment properties, together with a selection of commercial investments and owner occupier units.

The Dublin highlights include a mid-terrace five bedroom house near the North Circular Road, reserve not to exceed €325,000; a three bedroom semi-detached house in Castleknock, reserve not to exceed €310,000; a vacant end of terrace three bedroom house on South Circular Road, reserve not to exceed €250,000; a one bed apartment in Sandyford, reserve not to exceed  €190,000; a fourth floor one bedroom apartment on Ushers Island, Dublin 8, reserve not to exceed €120,000; and a first floor one bedroom apartment in Kilmainham, reserve not to exceed €115,000.

There are several multi-unit residential investment opportunities around the country including a mixed-use development comprising 10 apartments and 2 retail units in Ballyshannon, reserve not to exceed €360,000; a portfolio of 6 apartments, each providing two bedroom accommodation in Mallow, reserve not to exceed €325,000; and a portfolio of 6 x two bedroom apartments in Limerick, reserve not to exceed €300,000.

The post Over 150 properties to be sold at latest Allsop auction appeared first on MyHome.ie Advice & Blog.

Treehouse

Some of you might remember not too long ago I shared in a post that my parents were featured on the Utah news sharing their fun treehouse.  (You can see the news clip HERE if you missed it.)  I promised I'd take pictures of the treehouse the next time I was at my parents, so […]

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The mortgage journey: a step-by-step guide

As steps in life go, buying a home is certainly one of the big ones. But if you know what's involved in the mortgage process, you can see it instead as a number of small, easily-managed steps. What's more, you don't have to take them on your own.

Bank of Ireland are here to help you, providing as much guidance and advice as you want or need. Every step of the way. Watch their new video guide to finding, buying and owning your own home.

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Wherever you are in the mortgage journey, Bank of Ireland has a solution for you; whether it's a 10 per cent bonus on your savings with MortgageSaver, a range of competitive fixed rates so you can stay in control or 2 per cent cashback on your mortgage just when you need it most.

Find out more at bankofireland.com/mortgages or call us on 1890 365 345.

Lending criteria, terms and conditions apply. Security and insurance required.

Bank of Ireland Mortgage Bank trading as Bank of Ireland Mortgages and The Mortgage Store is regulated by the Central Bank of Ireland.

Bank of Ireland is regulated by the Central Bank of Ireland.

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Spring Keeping…no typo here!

This post brought to you by Gladiator GarageWorks. The content and opinions expressed below are that of Lovely Crafty Home.

Yes, you read that right! While I'm all for purging items when necessary, sometimes you just need a better way to organize the things you have to create order from chaos. For anyone who is crafty or handy, it can be hard to get rid of potentially useful items like craft supplies, construction materials, even tools. But once you've whittled down your collection – then what?

For the past few months we have been working on tackling our basement (a.k.a. the man cave, dungeon, brewery, catch all storage, bike shop, workshop, etc). This has been a challenge for us because we both are on the side of hoarding. You just never know when you might need that scrap piece of wood or stack of half used sandpaper, mmmk?

Once we started going through box after box, it got kind of addicting to toss the things we didn't need while clarifying the purpose/usefulness of other items. We grouped like items together, creating new boxes for our “Spring Keeping” must haves like bike parts, hardware, paint supplies, and regularly used tools. I was pleasantly surprised by how many total boxes we were able to get rid of by consolidating in this way.

The next step was to find new homes for all of our new found goodies. Some were obvious, like sorting out the random hardware and putting it back in the little wall drawers. But one thing I really wanted to force help Mike with was getting a better sense of his tool collection and what he uses most. My goal was to be able to keep his go-to items close at hand, while storing some of the lesser used ones out of the way.

At this point in time I became absolutely fixated on creating more floor space, which required the installation of shelves to get cardboard boxes, buckets, etc, off the floor. I'm definitely more into this idea than Mike, who prefers function over aesthetics any day.

Fortunately we can have both! When we got the highly rated Gladiator GarageWorks Premier Series Modular Gearbox, I was super excited about 1) how durable it looked and felt, and 2) how much storage it had inside! I'm definitely one of those people that prefers to store things out of sight. So having the sleek exterior to hide whatever chaos Mike wanted to put inside made me happy – see, compromise can happen people!

Ok, so now for the before photo…try to reserve judgement, I know it's bad.

We decided to put the GearBox next to his workshop bench in place of the red cart, so it could be helpful in keeping his tools handy but all enclosed in one neat tidy package. It would also keep the tools away from dust and dirt, which is always a good idea to prolong the life of them.

After a bit more sorting and deciding which tools to keep handy, we came up with a much more clean and organized space!

So far we are loving the sleek new look – now to keep it this clean, right?! The new space on the bottom shelves of the work bench is perfect for keeping projects in process, instead of taking up space on the actual workbench. Plus there is additional workspace on top of the Gearbox, which has a nice wipe-able liner. 

I personally love the pull out shelf which makes it easy to see what you have and grab it with ease.

The GearBox also has a locking feature, great for security or keeping little hands away from the grownup tools!

I kinda wish we could get more of these modular units and deck out our whole basement…check out this sweet set up:

The options are really endless as their product line is huge! You can see the complete line of Gladiator GarageWorks HERE. I feel like the style of these units is really quite a universal industrial chic. Though mainly used in garages, these would also work in basements (obviously), laundry rooms, mudrooms, etc. There are some really neat inspiration pictures from real homes through an Instagram feed on their website. For more ideas on how to incorporate Gladiator GarageWorks into your home (and get the latest news on sales and coupons!) check out Gladiator GarageWorks Facebook Mike already has his eye on the highly rated GearDrawer  

Rising rents make it increasingly difficult to find student accommodation

Much has been written in recent times about the need for more social housing in Ireland.

There's little doubt it is badly needed but what of student accommodation?

Right now there are thousands of students either sitting or just finished sitting State exams with the hope of college and a bright future on the horizon.

However, just three months out from the start of the new academic year perhaps their biggest battle is not so much getting the course of their choice but somewhere to live near to it.

The rising cost of rent in Ireland, which is now above boom time levels in the capital, means that many students are being priced out of renting close to the college or institute of their choosing.

The number of students attending third level education has been on the rise now for several years but the amount of purpose built accommodation to meet this demand has remained virtually flat and accounts for just a very small percentage of the student population.

Even areas around colleges are now becoming the focus of families and working people who are forced to widen their search parameters due to the lack of available housing stock.

The fact that these people can take on a 12 month lease and are more often than not earning enough to cover the lease means they are a more attractive proposition for landlords and letting agencies.

So where does this leave the student renter? Facing an ever increasing battle for a small number of properties, particularly in urban areas such as Dublin and Cork.

It's a battle that is set to rage once more in the coming months and one that could leave many facing long commutes or paying exorbitant sums on rent.

Let us know your thoughts on the situation…

• Have your or your child had difficulty finding student accommodation?


• Should the Government be investing in more on and off campus purpose built student accommodation?


• As a landlord do you prefer to rent to families than students?

Have your say below…

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Fashion Friday – (graphic tees and summer fun)

Happy Friday friends!  Usually I'm pretty pumped for the weekend but with summer here, all of the days sort of blur together.  That can be a really good thing and a really bad thing. ;)  I don't have a lot of outfits to show you because honestly this week I've pretty much gone back and […]

The post Fashion Friday – (graphic tees and summer fun) appeared first on The Sunny Side Up Blog.

Powder Bathroom (summer refresh!)

Our powder bathroom got a little summer refresh! Nothing major because I like the wallpaper to be the stand out in this room, but a few small touches that make the room feel more decorated.  And more summer-y. :) I added some white towels under the bathroom cabinet.  I tried different colors and patterns but […]

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Iconic Father of the Bride house hits the market in Los Angeles

One of the most iconic movie houses ever has gone on the market in America.

500 North Almansor Street in Alhambra in Los Angeles is best remembered from the film, Father of the Bride, starring Steve Martin as George Banks, whose daughter Annie, played by Kimberley Williams, was getting married.

Best remembered from the film for its basketball scene and in the build-up to Annie's wedding, it's a house most of us have probably dreamed of at some stage. Indeed, 25 years later the exact same basketball hoop is still there.

The basketball hoop from the movie

It will set you back $1.998 million (€1.7m) if you want to buy it though.

The property, built in 1925, has four bedrooms and four bathrooms and is on sale via the Coastal Property Experts here.

The post Iconic Father of the Bride house hits the market in Los Angeles appeared first on MyHome.ie Advice & Blog.

Summer Home Showcase (spruced up family room!)

Today I'm sharing my family room spruced up for summer as part of a Summer Home Tour Showcase hosted by my sweet friend Kelley Nan.  So much fun!  If you are visiting from my friend Bree's blog (Z Design at Home) welcome!  I'm so very happy you are here and hope you'll put your feet […]

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We Have A Podcast!

Well, we're upping the nerd factor around here and giving podcasting a go. The name? Young House Love Has A Podcast. I'll give everyone a moment to let that process. I know it's a tricky one. So much nuance.

The first question on everyone's mind is probably: why a podcast? (And for anyone whose first question is actually “what's a podcast?” we'll get to that in a moment). The short answer to the whole “why ” question is that we're podcast junkies, especially me, and we got excited to try something new and a little bit different for us. There's obviously more to the story than that, which is why we kick things off with a 5-minute introductory podcast episode to explain it in more detail (it's the one labeled #0: Wait, Who Has A What Now?) 

That intro episode also provides a preview of what (and who!) we have lined up for future episodes, including some of the guests that we'll have on. You'll hear lots of familiar voices, like bloggers, designers, and TV personalities – including a certain former Bayside High student. It was a trip not only talking to her, but talking to her about home stuff of all things. Life is weird.

Beyond our little intro episode, there are also two full-length episodes (#1: What Rich People Have In Their Houses and #2: HGTV's Sabrina Soto Takes Us Behind The Scenes). It should come as no surprise that Sabrina Soto is incredibly nice, but we were impressed with how candid she was and loved all the stories she shared from her various TV gigs. Sherry is still reeling from a nugget that she dropped about a certain Real Housewife.

So far this little hobby/experiment has been exciting, hilarious, and a little awkward all at the same time. It kinda feels like our early days of blogging where the technology is a little bit foreign and nothing is too serious or set in stone. We're also realizing that casually chatting about things is a great way to cover a lot of ground, jump from topic to topic, and share decorating tips and stories that might not necessarily lend themselves to a long written blog post or a quick social media photo.

If you're already a podcast listener, you can just head over to iTunes, Google Play, or TuneIn Radio to subscribe and download the first 3 episodes. We're also available on Pocket Casts and will soon be on Stitcher. We're aiming to have new episodes posted every Monday.

But if you're new to podcasts, let's back-up for a second so we can help you get started. Podcasts are kinda like free, on-demand talk radio. Just like on-demand TV has become popular (you know, so you can play your favorite show whenever you want), podcasts allow you to play an audio program whenever you're ready and even pause it if you get interrupted. So rather than being stuck with whatever's on the radio, you can cue up any episode while you're sitting in traffic, doing the dishes, mowing the lawn, exercising, painting a room, ironing your dog's extensive wardrobe, etc.

Our preferred method of listening is via the iTunes Podcasts app on our phones, which comes pre-installed on most iPhones and iPads (it's the purple icon you see in the screenshot below).  If you're new to the Podcasts app, here's a quick 7-step tutorial to get you started:

To subscribe to Young House Love Has A Podcast on an iPhone using the Podcasts app:

• Step 1. Click the Podcasts app and then click the magnifying glass in the bottom-right corner to Search.


• Step 2. Type “Young House Love Has A Podcast” in the search bar at the top.


• Step 3. From this screen, click our large icon in the middle of the screen (known as our show's “cover art”)

• Step 4. Once on the “Young House Love Has A Podcast” page (seen below) press the Subscribe button. This is free and will keep you from missing any new episode that we post.


• Step 5. The most recent episode may download automatically, but you can be sure you have all three by clicking the download icon (cloud with down arrow) next to each episode. This is also free, and will allow you to listen to all 3 episodes right away.

• Step 6. You can view and play all of those episodes by clicking the Unplayed icon in the bottom left of the screen, which displays any downloaded episode that you haven't listened to yet.


• Step 7. Then just click the one you want to listen to first and it'll start playing (you'll want to click #0 first for ours).

That's it, you're all set up! After you have listened to our first three episodes, it's pretty much auto-pilot from there. Each Monday, as long as you have subscribed, you can just click the purple Podcasts app on your phone, click into the Unplayed section on the bottom left, and a new episode should be waiting for you.

You can also discover other podcasts to listen to by clicking the Featured or Top Charts section of the menu along the bottom of the screen. There's something for just about every topic imaginable – true crime, pop culture, news, yoga, parenting, entrepreneurship, and beyond!

Note: You can also stream our podcast on your desktop via iTunes by following this link and clicking “View in iTunes” under our logo. If you're on a PC computer that doesn't have iTunes, you can learn how to install it for free here (then come back to this post and follow this link to find us there), or you can try listening from your computer via Google Play. If you have an Android phone you can download an app like TuneIn Radio or Pocket Casts, both of which have our podcast (and we hope to be on Stitcher soon). 

I think that covers the basics to getting you started. And if you're wondering what I'm doing on any given evening, the answer is: playing with the microphone and slowing down my voice so I sound like James Earl Jones.

The post We Have A Podcast! appeared first on Young House Love.

Property Advertisement Equality Guidelines

MyHome.ie would like to remind all agents of their responsibilities when advertising properties as outlined in the Equality Act 2015.

Advertisers will be in breach of The Equality Act 2015, which came into force in January, if they include the words such as “no rent allowance accepted” in rental adverts.

Housing assistance has been also incorporated as a new ground for protection.

It means that people in receipt of housing assistance, rent supplement, or other social welfare payments can no longer be discriminated against in relation to the provision of accommodation.

The provision of private rented accommodation is considered a service under the Equal Status Acts 2000-2015 which prohibit discrimination, directly or indirectly, on the grounds  outlined below:

• Gender


• Civil Status (Changed from marital status following the enactment of “Civil Partnership and Certain Rights and Obligations of Cohabitants Acts 2010)


• Family status


• Sexual orientation


• Religion


• Age


• Race


• Membership of the Traveller community


• Disability


• From 1st January 2016, a landlord cannot discriminate against a person in receipt of rent supplement, housing assistance or any payment under the Social Welfare Acts.

Also a person cannot be discriminated against by association.

Breaches of these rules can lead to fines of up to €15,000 if a complaint is made to the Workplace Relations Commission.

Some examples of discrimination include using terms such as:

• 'rent supplement not accepted' and 'professionals only' in property ads


• refusing to allow a person to view a property or let to them because they are in receipt of rent supplement, housing assistance or other social welfare payment


• ending a tenancy or not renewing an agreement because they are in receipt of rent supplement, housing assistance or other social welfare payment.

It is illegal to discriminate against those in receipt of rent supplement in terms of the provision of accommodation services. However, landlords are entitled to seek a market rent for the property and Rent Supplement doesn't always cover this.

Any adverts which breach these rules will have the offending text removed immediately.

A more detailed breakdown of the guidelines can be found below…

Property Advertisement Equality Guidelines

The Equal Status Acts 2000 and 2004 provide that a person cannot discriminate in selling a property, making or ending a tenancy or providing accommodation services to another on any of the following grounds:

1. That one is male and the other is female (gender ground)


2. That they are of different marital status (marital status ground)


3. That one has family status and the other does not or that one has a different family status from the other (the family status ground)


4. That they are of different sexual orientation (sexual orientation ground)


5. That one has a different religious belief from the other or that one has a religious belief and the other has not (the religion ground)


6. That they are of different ages (the age ground)


7. That one is a person with a disability and the other is not or is a person with a different disability (the disability ground)


8. They are of different race, colour, nationality or national origin (the ground of race)


9. That one is a member of the traveller community and the other is not (the traveller community ground)


10. That one is receipt of rent supplement or any payment under the Social Welfare Acts and the other is not (the housing assistance ground)

In respect of housing assistance, it is still possible for a person providing accommodation to make it a condition of the provision of that accommodation that rent supplement is paid directly to that person.

The following exceptions apply:

1. In relation to shared accommodation the Equal Status Acts allow people to be treated differently on the ground of gender where for privacy or where it may cause embarrassment.


2. The Equal Status Acts allow people to be treated differently on all ten grounds set out above where the accommodation is provided by a person in their private residence or where the provision of the accommodation affects the person's private or family life or that of any other person residing in the home.


3. There is also an exception in respect of premises for religious purposes, refugees, nursing homes, retirement homes, homes for persons with a disability or hostels for homeless.

An advertiser can be held liable for displaying or publishing or causing to be published or displayed an advertisement which indicates an intention to discriminate on any of the above grounds or where it might reasonably be understood as indicating such an intention.

As such both MyHome.ie and property agents can be liable for discriminatory advertisements.

Property advertisements should not indicate that certain people or groups of people would be treated less favourably. If they do they may breach the Equal Status Acts.

Below are some examples of advertisements which would breach the Equal Status Acts:

• Adverts using phrases such as “rent supplement not accepted” “professionals only” would indicate an intention to discriminate on the housing assistance ground.


• Adverts using words such as “mature” “young” would indicate discrimination on the age ground


• Advertising for persons of one nationality only would discriminate on the race ground


• Adverts using words such as “suitable for families only” would discriminate on the family status ground.


• Adverts requiring tenants to produce a particular national passport as proof of identity would discriminate on the race ground.

It is MyHome.ie's policy not to allow the publication of any advertisements which breach the Equal Status Acts and it makes all reasonable efforts to ensure that no such advertisements are published on its site.

The post Property Advertisement Equality Guidelines appeared first on MyHome.ie Advice & Blog.

Friday Favorites and Fashion (on a Sunday) :)

Happy weekend everyone!  So this post was supposed to be up Friday morning but it's officially summer for us which means.. #priorities.  ;)  So happy to be done with our school year!  As you can see, so is my little buddy. And so are his sisters who jumped into the pool with clothes still on […]

The post Friday Favorites and Fashion (on a Sunday) :) appeared first on The Sunny Side Up Blog.

Get mortgage ready: the 10 questions you need to know

1. What does a bank look for in a mortgage application? 

The bank is keen to see that you can afford to take on a mortgage and still have enough money left each month to enjoy your new home

Here are some of the things the bank will take into consideration as part of your application: 

Your savings 

It is useful to set up a regular savings account to save your deposit. This has the added benefit of showing your ability to save money each month. MortgageSaver is a Bank of Ireland savings product that rewards first-time buyers with a bonus of 10 per cent on the savings in their MortgageSaver account when their mortgage is drawn down.

Your day-to-day finances 

Make sure you manage your accounts so that you don't go over your credit limit – banks like to see that you have been managing your finances effectively for a period of time before you apply for your mortgage.

Your other borrowings 

It's a good idea to pay down credit cards and personal loans, if you have any, as much as possible, as additional borrowing could affect the amount you can borrow for your mortgage.

Additional costs 

You will need to show how you can cover additional costs such as stamp duty, legal fees and any additional expenses that might be required to make your new property habitable.

2. How can I estimate how much I can borrow? 

An online mortgage calculator is a great way to get an indication of how much you could borrow, the deposit you need and what the monthly repayments would be – have a look at the mortgage calculators at bankofireland.com/mortgages.

3. If I rent will the bank take the rental payments I have made into account? 

Yes, the bank will take into account the monthly rental payments you have made – it demonstrates your ability to support this level of monthly repayments. You should arrange to pay your rent through your bank account – even if you are living at home and making a contribution to the household. This is the best way to demonstrate regular rent payments over a period.

4. How much of a deposit does a first-time buyer have to put down? 

Under Central Bank rules introduced in February 2015, first-time buyers can borrow up to 90 per cent of the value of a property up to €220,000 and 80 per cent of any value of the property above that sum. This means that they will need to have saved at least 10 per cent of the purchase price up to €220,000, and 20 per cent of any value over that.

Both parties to the mortgage must be first-time buyers for the mortgage to be considered for these advantages.

5. What other costs should I factor in and what will each of these typically cost? 

Valuation: Before you draw down your mortgage, the property will need to be independently valued by a professional valuer – you should expect to pay a fee of between €150 and €250 plus VAT, but this can vary.

Legal fees: You will need to pay legal fees to your own solicitor. As part of your own arrangement you need to agree with him or her whether this is a flat fee or a percentage of the purchase price.

Stamp Duty: Stamp duty will also apply to the purchase. The current rates are 1 per cent of the purchase price up to €1,000,000 and 2 per cent of any value over that.

Insurance/assurance: You will also need life cover and home (buildings) insurance – the costs of these can vary depending on your requirements and circumstances. Life and buildings cover will need to be in place before you draw down your mortgage.

6. Can I apply for a mortgage if I don't already have a property lined up?

Yes, Bank of Ireland provides “House-Hunter mortgage approval in principle” which means you can apply for your mortgage before you have found a suitable property. This approval in principle lasts for six months and allows you to house hunt with confidence.

7. How long a mortgage term can I apply for? 

Mortgages of up to 35 years are available to first-time buyers. Terms of up to 30 years are available to those trading up or down. Irrespective of whether you're a first-time buyer or a mover your mortgage term must not go past age 70.

8. Do you have to be a customer of a bank in order to apply for a mortgage? 

No. You can apply to Bank of Ireland for a mortgage even if you're not a Bank of Ireland customer. You will need to provide ID documents for all parties to the mortgage – generally a valid passport or driving licence, and a utility bill (less than six months old) to confirm current permanent address.

9. What documents do I need to present to the bank to apply for a mortgage as a first-time buyer?

Most lenders look for information about your income, employment, living costs and existing loan repayments to help them decide whether you can afford to repay a loan.

If you are a PAYE employee, you will typically need to provide: 

Your most recent P60 (original)

Your last three months' payslips

The last six months bank account statements (if your personal account is not with that bank).

If you are self-employed: Your last two years' certified/audited accounts – The last six months business bank account statements (if business account is not with that bank).

You may also be required to provide identification documents and confirmation of your address. This is usually a current valid passport or driving licence and recent utility bill.

If your application is approved in principle, the following are examples of documents that you will also be asked to provide:

PAYE applicants: a Certificate of Income (a standard form provided by the bank for completion by your employer).

Self-employed: your accountant's or auditor's written confirmation that your personal/business tax affairs (PAYE/ PRSI/VAT) are up to date, and your management figures for the current trading year.

10. If I'm self-employed, how does the process work? 

The application process is the same if you're self-employed except, instead of a salary, additional documents required include your last two years' certified/audited accounts, your accountant's or auditor's written confirmation that your personal/business tax affairs (PAYE/ PRSI/VAT) are up to date, and your management figures for the current trading year.

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Saving for your first home? Get your savings working harder with MortgageSaver from Bank of Ireland and enjoy a 10 per cent bonus on your savings when you draw down a Bank of Ireland mortgage. Lending criteria, terms & conditions apply. Subject to criteria. 

Apply online at bankofireland.com/mortgagesaver or call 1890 365 345 for details.

The post Get mortgage ready: the 10 questions you need to know appeared first on MyHome.ie Advice & Blog.

Is by-passing councils the answer to social housing crisis?

The problem with social housing waiting lists has been rumbling on for some time with waits of up to a decade in various local authority areas around the country for people to be housed.

The matter shows no real signs of abating in the short term with reports earlier this week revealing that not one of the 1,700 homes promised more than a year ago under a €312m investment programme have as yet been built.

As of February this year there were approximately 139,539 people on social housing waiting lists nationwide with councils criticised for their lack of progressing in dealing with the list.

Last year out of a total of 12,666 homes built nationwide only 72 were by city or county councils – a total of just under 0.6%.

Earlier this week the Association of Irish Local Government claimed that local authorities needed more than €5.5 billion to be made available over the next five years to address the houing crisis.

Now it appears that local councils are set to be sidelined as part of a process to speed up house building nationwide.

A report in today's Irish Independent claims that Housing Minister Simon Coveney wants project managers appointed to drive specific house-building projects from start to finish.

The report also claims that Minister Coveney is also considering further by-passing councils by fast-tracking big building projects to An Bord Pleanála to speed up decisions and minimise delays through procedures and objections.

The housing strategy will also include a special emphasis on increasing the supply of “starter homes” for first-time buyers in Dublin.

The report further claims that the Government are now acknowledging that the housing system is totally broken.

With this in mind, let us know your thoughts on the matter:

• Are the proposed changes too little, too late?


• What can be done to ensure that more social houses are built around the country?


• Are you on the social housing waiting list and, if so, how long?

Have your say below…

The post Is by-passing councils the answer to social housing crisis? appeared first on MyHome.ie Advice & Blog.

Rents in Dublin surpass their boom time peak

The cost of renting a home in Dublin has now surpassed the level it was at during the height of the property boom.

The average monthly rental for a house in the capital in the first quarter is €1,454, according to the latest rent index published by the Residential Tenancies Board (RTB).

The figure is 0.2 per cent higher than that recorded in the last quarter of 2007, just before the crash.

A year ago the cost of renting a house was €1,342, so a tenant in the capital will have to pay some €1,300 more over the next 12 months.

Nationwide, the cost of renting a home continued to climb in the first part of the year, although the rate at which rents increased slowed compared with the last three months of 2015.

The new data shows that monthly rents were up half a point nationally in the first quarter of the year when compared with the previous three months.

A quarter-on-quarter growth rate of 1.6 per cent was recorded when the RTB published the index three months ago.

Rents in Dublin grew by 0.2 per cent over the first three months of the year.

Rents for houses in Dublin increased by 0.6 per cent while rents for apartments rose by 0.4 per cent.

For properties outside Dublin, rents were up by 0.9 per cent, with the cost of renting a house declining by half a point and apartment rents jumping by 4.2 per cent.

While the rent increases over the first three months of the year were small, as a whole rents were 8.6 per cent higher in the first three months of this year than at the same point last year.

Annual growth in Dublin to the end of March was up by 8.7 per cent, with house rents up 8.4 per cent and apartment rents climbing by 8.1 per cent.

Annual growth outside Dublin showed broadly similar annual increases, recording growth of 8.8 per cent year on year in 2015.

The monthly rental for houses outside Dublin went up by 7.6 per cent, while apartments outside Dublin experienced an increase of 11.3 per cent.

The average rental for private sector accommodation across the whole State in the first quarter of this year was €922, up from €849 a year ago.

Nationally, the cost of renting an apartment was put at €972 compared to €885 12 months ago. For a house, it was €900, compared with €835 a year earlier.

The rent index shows that, nationally, rents peaked in the last quarter of 2007 before declining by more than 25 per cent to their lowest point in early 2012.

Nationally, rents are said to be 9 per cent lower than they were at their peak. While the peak-to-trough in the Dublin market was similar to that experienced nationally, the strength of the recovery in Dublin means they have now surpassed the previous high point.

In contrast, the market outside Dublin has experienced more subdued growth and rental levels are now 13.9 per cent off their peak levels.

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My Summer Reading List!

Tomorrow is the last day of school!  Ask me if I'm excited. You're all taking too long so I'll just tell you.. I'm SO excited.  :) Not long ago I shared my summer goals with you all and today I'm sharing my summer reading list!  Now before I share these books with you that I've […]

The post My Summer Reading List! appeared first on The Sunny Side Up Blog.

Average age of a first-time buyer in Ireland now 34

The average age of first-time house buyers in Ireland has risen by five years over the past decade, from 29 to 34, according to a report from estate agency group Real Estate Alliance, who predict that home ownership may soon be a pipe dream for those in their twenties.

In the past year, the average age of first timers has gone from 33 to 34, with a combination of factors barring the entry of young people into the housing market, REA says.

REA agents around Ireland are reporting that first-time buyers in their 20s and early 30s are now mainly absent from the market for properties priced over €160,000.

REA chairman Michael O'Connor said: “A definite two-tier system has emerged over the past year nationwide, with €160,000 emerging as the breaking point for interest from buyers in that age group, ruling out most properties in Dublin.”

Another factor is the recent strength of buyers from outside Ireland who have been living and working here for over a decade, and who are putting down roots and buying houses.

 In areas such as Carlow, REA agents are reporting that 30% of first-time buyers are now from Eastern Europe, a percentage that has grown rapidly over the past two years.

O'Connor added: “The biggest factor influencing the market this year has been the Central Bank deposit rules which have created a two-tier system, ruling out home ownership for many young people due to over-restrictive guidelines,” said O'Connor.

“From a Dublin price perspective, the rules don't make sense, with the combination of the deposit rates and the multiplier falling far short of the average three-bed semi price in Dublin city and county of €334,000.

“A couple on a combined average industrial wage income of €74,000 can borrow 3.5 times their income, making a total of €259,000. Many of them will struggle to raise a deposit of €35,000, but if they do it gives gives them a maximum buying power of €294,000.

“Those figures, and the level of savings required, go a long way to explaining why the average age of first-time buyer is being pushed upwards. Also, the mortgage multiplier is 4.5 times income in the UK as against 3.5 here, and this is something that we need to revisit.

“We also need the Central Bank to acknowledge that the market for first-time buyers is stalled by second-time buyers being unable to move out of their starter homes due to the restrictions of the rules. They need the same 10% deposit derogation as first-time buyers and the notional €220,000 limit needs to be raised to reflect the reality in the area of most need - Dublin.”

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Finding a dream home takes work but trust your head and not your heart – top tips for first-time buyers

GET APPROVAL 

The first step in buying a home is mortgage approval. It will define how much you can spend and where you can buy. If you know what your budget is before you start looking, your search will be far more fruitful. An estate agent will never “sale agree” a property with a buyer without finance being in place first. Due to the current high demand for properties the estate agent will look for proof of your funding before taking any bid seriously. If you are trading up, it is a good idea to sell first so you have funds in the bank before you go looking – it gives you more purchasing power.

It also means a sale can be agreed quickly. Strategically, this makes you a “ready-to-go” purchaser rather than being part of a chain. Some vendors prefer a “ready-to-go” purchaser over someone whose agreement is contingent on them selling their property first. Bank of Ireland's House-Hunter mortgage approval in principle lasts for six months so this gives you time to look at properties at that market value.

THE LURE OF LOCATION 

A property can, subject to planning permission and funds, be altered and given a facelift, so bear that in mind when you start looking. The amount you have to spend will determine where you can live. Search for properties in your preferred location and view the less visually appealing homes at lower prices to compare the different types of housing stock in the area for value.

Before you start, make a list of everything you would ideally like to have in and near your home. If buying with someone else, have them do likewise. Once you've found the commonality to each list, you can decide which requirements are deal breakers and which are not so important.

If you have children, proximity to schools will be a major factor. Amenities such as transport, parks and shops are another. For instance, if you like sailing for example then you might prefer Portmarnock, Malahide or Dún Laoghaire over Ranelagh or Terenure.

RESEARCH 

Once you know your spending power you can check what prices similar property types sold for – ones that have been sold since January 2010 – on the Property Price Register. But many properties don't appear immediately on the register. You can also ring the estate agent that sold the property and ask them.

Sales that predate January 2010 won't be listed. For that you'll have to go online and read old sales reports. The Irish Times archive is a good place to find a lot of these answers. You may also find additional information on that property's size, condition and sometimes photographs. General internet searches on The Property Pin and other property websites may also reveal useful information. You could compile the data and compare each by condition, size and orientation and then work out an average cost per square metre on a specific road. This will help you prioritise the properties you are viewing by using more than a simple asking price.

ASK QUESTIONS 

If you have a builder friend, coax and cajole them to accompany you on your first few viewings. He or she will be able to point out things to watch out for like subsidence, water damage and other potential issues that may need costly repairs.

Then it's up to you to ask pertinent questions. The more questions you ask the more informed you will be about the condition of any property that you're serious about.

Ask the estate agent selling the property everything you can think of. If they don't know the answers to your questions, ask them to find out. You need to be as well-informed as you possibly can. This is all part of the due diligence process that needs to be carried out before you place any bid on the property. “Buyer beware” is a term often used at this juncture. The onus is on you to find out as much as you can before making your decision.

Here are some questions you shouldn't be afraid to ask:

• When was the attic converted and is the conversion compliant with current building regulations?


• If the property has been renovated does it have a certificate of compliance?”


• When was the heating and/or wiring last upgraded?


• Was the building ever flooded?


• Were there ever any flood claims in the neighbourhood?


• Why are the vendors selling?


• Are they trading up (if so they may need a minimum sale figure? Don't be afraid to ask what that magic number is) or trading down (if so they may not be in a hurry so may wait for their desired asking price)?


• When do the vendors want to close? (If you have your finance arranged and no property to sell, you are in a better position than many other buyers and may present the most attractive option to the vendor.)


• What is included in the sale? (More often than not, fixtures and fittings will be the only things included but this could be a bargaining tool. For example, if the vendors are trading down, they may not have room for some of the contents and could be open to either selling them to you or leaving certain items.


• How long has the property been on the market for? (If it's been on for a prolonged period of time, ask why? Is there a structural, title or planning issue?)

BIDDING ON A PROPERTY 

When you are ready to start bidding on a property, there is an opportunity to bid lower than the guide price on your first offer. This shows you have expressed an interest in the property and the estate agent is obliged to not only relay your offer to the vendor but also to revert to you if another, higher offer is received. If you adopt a wait-and-see approach, you may not be informed and the property may be sold without your ever knowing.

Ask the agent for a copy of the plans of any extension or refurbishment works. These can be requested from as early as your first bid. All certificates of compliance should be obtained by the vendor before the property goes to market.

It's a good idea to email your bid to the agent as this will show the date and time that it's been sent. You need to bid with your head not your heart. Set a limit and stick to it.

Ask what the position of other bidders is. Do they have funding, for example. You might find you're a more secure option than the other bidders if, for example, you have no property to sell, you have full finance in place or you have renovation experience should the house need refurbishment. If outbid you may decide not to make a counter offer and instead stick to your original offer and inform the estate agent that your offer still stands. The other bidder's finance may fall through and you will be the first in line for the property if that happens.

Inform your solicitor you're on the lookout for a property and actively bidding. You'll want him/her to be prepared to receive terms of sale and subsequent contracts. With your legal assistance standing by, this will show the vendor you are prepared and serious.

SPENDING MONEY AND TIME WISELY 

A building survey may just be the best money you ever spend. It may seem expensive at a time when every cent counts but if you discover the so-called bargain you bought needs a new roof that will cost an additional €160,000 to €100,000 then the €1500 you would have paid for a survey will suddenly seem like a false economy.

Don't take anything you hear or read at face value. A disproportionate number of properties for sale seem to have a southerly orientation so accurately check the way the back of the house is facing by using a compass app, available on most smart phones.

Also check how long the school run will take by mirroring the journey time on a school day at peak times. Repeat the exercise to determine how long the work commute is.

FEES 

Be aware of the additional costs in the purchasing process and figure out an estimate of what additional monies you need to set aside for:

• Stamp duty – one per cent up on the first €1 million and two per cent on the excess over €1 million.


• Legal fees can be a fixed cost or a percentage of the property value.


• Valuation costs and structural surveyor costs.

KEEP LOOKING 

Your dream house may need a little work and may not be instantly recognisable but if you trust your head not your heart you will make an informed decision and find the right home for you.

Anne Carroll (MRICS MSCSI) is Bank of Ireland's senior property specialist – she's a chartered valuation surveyor with more than 17 years' experience in the property industry and manages the Premier Property Service for Bank of Ireland. This is a unique service, exclusive to Bank of Ireland, providing an initial 1:1 consultation with continual assistance to Premier Banking customers seeking to purchase a home in Dublin with mortgage approval in excess of €500,000.

For more tips on house-hunting, go to bankofireland.com/mortgages.

There are lending criteria and terms and conditions, and security and insurance are required. Bank of Ireland Mortgage Bank trading as Bank of Ireland Mortgages and The Mortgage Store is regulated by the Central Bank of Ireland.

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Plans for new town outside Cork City are approved

Plans to build a new town with a population of up to 13,000 on the northern outskirts of Cork city received a major boost on Wednesday when An Bord Pleanála approved a revised proposal by Cork County Council for the project.

The council had sought planning approval in 2012 for the 5,000-house scheme at Monard, some 6kms northwest of Cork city. But the planning board refused permission on a number of grounds, including insufficient road and rail infrastructure in the area.

But the council revised its scheme for the Strategic Development Zone at Monard in 2013 and 2014 and, following an oral hearing spanning the end of 2015 and early 2016, the planning board has granted approval.

Council chief executive Tim Lucey welcomed the decision and said that it was a significant boost to the council's plans for the metropolitan Cork area.

The planning board's decision to approve the council's scheme for Monard means there can be no appeals against any individual constituent projects submitted by developers for the new town once they are in keeping with the council's proposal for Monard.

The council's plan involves building four villages and a town centre on some 319 hectares or 966 acres of predominantly undeveloped greenfield agricultural land at Monard, approximately 4kms northwest of the city suburb of Blackpool and 4kms northeast of Blarney village.

The project involves the construction of a new railway station on the main Cork-Mallow rail line which runs through the site as well as investment in a road network together with the construction of several primary schools and a secondary school in the new town.

The proposal to build the new town in Monard is in line with national and strategy policy as set out in the National Spatial Strategy as well as both the 2014 Cork County Development Plan and the Cork Area Strategic Plan (Casp) 2001-2020 which was revised in 2008, noted An Bord Pleanála.

“It is anticipated that Monard will support the aims of Casp by contributing to a more balanced distribution of growth and modern economic development in the Cork area by increasing the proportion of same occurring on the northern side off the city,” said An Bord Pleanála.

However, the council's proposals involve the investment by a number of public or semi-state bodies of an estimated €50 million in public infrastructure such as new roads, sewage and water services and a new railway station at Monard. The project could take 10-15 years to complete.

The resubmitted plan by the council addressed the grounds for the 2012 refusal including the lack of a northern ring road and a rail station at Monard without which, An Bord Pleanála had warned, the new town would lead to major traffic congestion in the surrounding areas.

The revised plan also addressed planning board concerns that the low density nature of the original proposal did not achieve efficient use of land given the scale of public investment required to make the site suitable for development.

Source: The Irish Times

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May Re-cap!

Oh my word.  It's the end of May!  We all made it!  Still hanging on around here.  By a thread no doubt, but alive and kicking.  We have the rest of this week and one more until summer break and we are all so beyond ready.  This morning was brutal after the nice, long weekend. […]

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