2015 promises to be a much improved year for mortgages with continued competition between Lenders ultimately benefiting customers and the arrival of new Lenders for intermediaries which will give you, the customer, more choice. Whilst we await for the Central Bank to announce their decision on mortgage restrictions for first time buyers here’s a summary of mortgage products currently available:
- Negative equity trade up/down along with tracker rate retention
- Home loan mortgages with lower interest rates and discounts on rates for opening and operating a new current account
- Refinancing i.e. switching lender along with equity release for home improvements (see below) with cash incentives to cover the legal costs involved
- Self build with finance of up to 100% of the cost or 75% of the overall value available
- Buy to let mortgages with competitive interest rates
Additionally if you are considering carrying out works to your property there is the added incentive of the Home Renovation Incentive (HRI)
If carrying out home improvements to your home, or as a landlord to an investment property, the Home Renovation Incentive Scheme is in place until 31st December 2015. The Incentive provides for tax relief by way of an Income Tax credit at 13.5% of qualifying expenditure on repair, renovation or improvement works carried out on a main home or rental property by qualifying Contractors.
The works must cost a minimum of €4,405 (before VAT) per property, which will attract a credit of €595. Where the cost of the works exceeds €30,000 (before VAT) per property, a maximum credit of €4,050 will apply.
The credit is payable over the two years following the year in which the work is carried out and paid for. The first year for HRI tax credits is 2015 for Homeowners and 2016 for Landlords.
For any additional information on mortgages please contact Lorraine on 087 2608988 or email@example.com