Barry Whelan - Financial Advisor

Employers small gift exemption increasing immediately from €500 to €1,000 - 2 vouchers may be granted by an employer in a year.

No surprise, excise duty on ci******es increased by 50cent.

Out with a tax on saving lives - VAT on defibrillators cut to the zero rate from 2023 - long overdue!

Knowledge Development Box for IP is extended for four years.

Housing - unprecedented demands - help to buy scheme report issued today, the scheme will continue until the end of 2024.

400,000 people are expected to benefit from the €500 rental credit that has been announced.

Carbon Tax €41 to €48.50 from Oct as previously announced, but reduction/offset against oil levy, so the rate at the pump will not change.

Housing - Vacant homes tax - residential occupied but for less than 30 days will be liable, self-assessment, the rate is 3 time rate of residential property tax.

Excise reduction and VAT rate of 9% extended to 28 February 2023

Standard rate cut off in income tax increased to €40,000, a very welcomed measure.

Second USC rate band increasing the second Universal Social Charge Band - the 2% rate - from from €21,295 to €22,920.

Home Carer tax credit increased by €100, to support stay-at-home parents

A new rent tax credit of €500 to be introduced

TAX -
Minister Donohoe has announced an income tax package to the value of over €1.1 billion.

The Standard Rate Cut Off Point is set to be increased by €3,200 to €40,000, with proportionate increases for married couples and civil partners.

The main tax credits (Personal, Employee and Earned Income Credit) will also be increased by €75.

"I am also increasing the Home Carer Tax Credit by €100, to support stay at home parents," Mr Donohoe said.

FUEL -
Minister Donohoe has said the current excise reduction of 21 cent per litre for petrol, 16 cent per litre for diesel, and 5.4 cent per litre for Marked Gas Oil will be extended until 28 February 2023.

He the extension would also apply to the 9% VAT rate of electricity and gas.

Tax on vacant homes

Among the measures to be announced in the Budget is a tax on vacant homes which will be levied at three times the Local Property Tax.

Just released from a Lender
Dear Broker,
As a prudent mortgage lender, we continuously review our lending policies to ensure that we are acting responsibly and in the best interest of our customers. Due to the continued increases in the cost of living currently being experienced at present and the increasing rates of inflation, we have reviewed our Owner Occupier Lending Policy in great detail and are making the following changes with immediate effect:
o Minimum Net Disposable Income (NDI) surplus requirement on each application increased to €1,000pm.
o Proven Repayment Capacity (PRA) must be evident for at least 12 months for all applications
From today:
· All new applications will be assessed based on the revised criteria.
· Cases at AIP will need to meet these revised criteria to proceed to offer
· Cases at completions stage with active Loan offer’s will not be reassessed in line with these changes unless a new loan offer is requested.
· For existing customers seeking a product change, these will be assessed using these revised criteria.
High house prices, inflations spiraling, interest rates increasing like they are on steroids! Lending rules that are out of date, is no a good time to buy? That’s a question only you can answer. If you want to be mortgage ready, and start your financial planning process get in touch for a free consultation.

Barry Whelan - Financial Advisor now takes appointments on their Page.

Competition time!!

€50 One for All voucher to be won!!

Like and share this post and tag two friends to win.. winners must be a member of My Mortgage Ireland

Influential global investment firm Bank of America has advised its biggest clients to buy shares in Bank of Ireland and AIB to profit from the Irish mortgage “growth story”.

Bank of America punts on Irish ‘mortgage story’

Is it F**K time to reduce the tax free lump sum. Figures are staggering on the "Pension time bomb". Can the state even afford to keep the old age pension. Time to introduce mandatory contributions and educate people on pensions

Is it time to reduce the tax-free pension lump sum? Some experts argue €200,000 limit overly favours high earners and costs exchequer too much

Madness. A quick look up on central bank register - we have 33 Money Lenders, the high rates. We have two banks pulling out of the country. Main banks buying stockbrokers.

Buy now, pay later services are on their way on Ireland - what should consumers know? Buy now, pay later service Klarna is currently hiring for its Dublin office.

Funny….. but very true 😂😂😂

Are you looking for your dream home by the sea... get in touch to discuss your mortgage application, NO FEE consultation.
First Time Buyer Ireland
[email protected]
083 153 9833

Curlew Cottage is a stunning two bedroom detached cottage overlooking the seafront at Barnageeragh Beach with direct uninterrupted sea views to the Mourne Mountains and Skerries. Located in this charming coastal village of North County Dublin all within easy access of everything Skerries has to offer plus easy access to Dublin Airport, city centre and transport links.
This private home is available To Let from early August. For enquiries please enquire via DM or contact [email protected]

GREAT NEWS - Mortgage rates drop. If you are looking for your first home, trade up or reduce your current mortgage - speak with me for a free consultation

Mortgage lender ICS makes large rate cuts as big banks ‘stalling’ However, financial experts have questioned why the big banks – AIB and Bank of Ireland – have failed to do the same to match the competition from these smaller lenders.

Struggling to buy a home? Long-term mortgage may suit those who cannot pass income rules

Struggling to buy a home? Long-term mortgage may suit those who cannot pass income rules A long-term mortgage may suit those who can’t pass the Central Bank’s stress test

House prices are rising by almost €500 a week – and the surge will continue this year and next.

House Prices Are Rising By €500 A Week With Surge Set To Continue House prices are rising by almost €500 a week – and the Central Bank has warned the surge will continue this year and next.

Will the housing crisis prove the undoing of this Government?

Will the housing crisis prove the undoing of this Government? As the smoke begins to clear from the havoc wreaked by the pandemic, the provision of housing will more and more take centre stage, with a huge mountain to climb before we get to a situation where supply comes even close to meeting demand.

5 STEPS TO GETTING YOUR MORTGAGE

Initial meeting
Initial meeting & financial assessment to discuss your expectations, determine how much you can borrow, and how the process will work.
Market research
Market research carried out by Covermore Financial to ascertain the most suitable financial provider for your home loan application.

Gathering of documentation
Gathering of documentation and mortgage proposal submitted to most suitable financial provider. The documentation will be reviewed by Covermore Financial before sending to the lender, making sure your case stays on track and with the underwriters.
Approval
Approval by the lender, valuation carried out by the lender. Official loan offer sent to you and to your solicitor.
Contracts signed
Contracts signed, funds drawn down and you will receive keys to your new home.
Barry Whelan QFA, RPA
Financial Planner
Covermore Financial
Unit 706, Kilshane Avenue, Northwest Business Park, Co. Dublin, D15 KO63, Ireland
T: +353 (1) 862 3000 ǀ M: 083 153 9833 |E: [email protected]
W: www.covermore.ie

Covermore Financial Limited is regulated by The Central Bank of Ireland

Covermore Financial Covermore Financial Ltd has over 75 years combined industry experience and we are based in Blanchardstown but our clients are nationwide.

The supply isn't there to meet the demand. Some feel the lending rules are unfair! One thing you can do is speak to me to be mortgage ready, and I will make sure your application is an underwriters dream

Housing crisis Ireland: Three more years until demand for new homes is satisfied Young people are now living in their parents’ home until the age of 28 as the housing crisis continues to impact on families.

Looking at building / buying or renovating in 2021? It is never too early to start getting your “house” in order. Don’t wait until you have found your “dream property”. It can take time to get the paperwork together and then to get the approval. Most estate agents insist on proof of funds prior to accepting an offer. This could result in you missing out on a property to someone else who is already approved.

Below is what you will need to provide to get approval and give yourself the edge.

FOR PEOPLE WHO ARE PAYE
1️⃣ EMPLOYEE DETAIL SUMMARY ( OLD P60)
Although a very important document this is not the figure the bank will use. Payslip is a more accurate figure of what you are currently earning. P60 confirms last years income. It will also include income that the bank may not be able to use such as overtime and allowances. If you do regular overtime/shift work, you will need to supply 3 years P60’s to look at the average amount of “extras”. Some of this maybe included. (Case by case)

2️⃣ 6 months bank statements
Ideally there will be no missed DD’s
No unexplained Cash lodgements
No going into a minus.
You will have to be able to explain all transfers in and out and supply statements for any accounts that you own that facilitate these transfers. This included electronic accounts such as Revolut & N26 etc
Online better - no you will NOT be refused if paddy power is on your bank statement. As long as the amounts are within your means.

3️⃣ 6 months credit card statements
Ideally there will be no missed or late payments. It is ok to have a balance owing on a credit card once you make at least the minimum payment on time but if it is not cleared monthly, it will have to be factored in as a “loan repayment” and can have an effect on how much you can borrow.

4️⃣ 6 months statements for any loans you may have.
Ideally there will be no missed or late payments, being in arrears or constant late payments, doesn't give then lender much confidence in you.

5️⃣ Get your approval sooner rather than later
All too often I see people who come in saying “we were not going to apply for another 12 months, but ...........” Many things can bring this date sooner. Sudden rent increase, possible new arrival or a bargain coming your way. If your plan is to eventually buy, it’s never too early to start getting ready. Approval lasts for up to 6 months and once approved, once your situation hasn’t changed for the worse, getting approval again is a lot easier.

6️⃣ Possibly the most important. Repayment capacity
It is very important that you can demonstrate that you can afford the new repayment of your mortgage. Example: if you borrow €250,000 over 30 years depending on your rate of interest, your repayment will be circa €1,150 per month. However as rates can go up or down, the bank will increase (stress) this rate by at least 2% (circa €1,450) and this is the figure you need to demonstrate that you can repay. You can demonstrate this in a number of ways
- Current rent €1,000pm (Should be clearly marked on bank statements, Cash rent payments cannot be proven)
- Regular saving €400pm
- Loan that you will clear first €200pm. ( You do not have to clear your loans / Credit cards before applying. It is ok to just say you intend to clear them. Best off waiting to get the approval first)
- Maybe moving near the parents so childcare will be decreased or maybe the kids are starting school or free childcare years saving on crèche fees.

FOR PEOPLE WHO ARE SELF EMPLOYED
You will need the above as well as 3 years accounts. We will take the average of the three years. Remember, the accounts for the first year or two of a start up do not always make for pretty reading so this can really impact your average. You will nearly need 4/5 years in business so you can supply 3 good years. BANKS CAN ONLY USE THE INCOME SHOWN ON LEGITIMATE TAX DOCUMENTS (FORM 11) Just a few things to keep in mind if planning on buying.

IF YOU INTEND TO BUILD
If you already have the site through purchase or gift YOU MAY NOT NEED A CASH DEPOSIT.
EG. If you have a site valued at €40k and you are looking at a cost of building being around €200k (including 10% contingency) you can look to borrow up to 90% (first time buyer, 80% second time buyer) of these figures. So in this example the cost of the site plus the build is €240k. Assuming the house is worth at least this on completion you can borrow the full €200k (first time buyer) or €192k (80%) second time buyer so either no deposit required or a small €8k deposit.

If you have any queries - don't hesitate to get in touch.

There is huge savings to be made on switching mortgage providers. Get in touch to discuss if there is a benefit to switching your mortgage

Making Cents: Should you switch your mortgage to top up for home improvements? Mortgage switching is one of those financial tasks that is promoted endlessly by mortgage experts but still viewed with suspicion by the general ...

Number of mortgage approvals nearly doubled in April compared to same month last year - to get your application to the top of the pile and be approval ready - contact me

Number of mortgage approvals nearly doubled in April compared to same month last year 4,362 mortgages were approved in April this year.

First Time Buyer Crisis & Government response.

Taoiseach Micheál Martin has said the Government regards the issue of housing as its "number one priority" and that it will be doing everything it possibly can to provide housing for people.

Mr Martin said the country needs to get supply up, and that the Government has committed to the largest social housing programme in the history of the State.Mr Martin said that over the next five years over 50,000 social housing units will be built.

The Taoiseach added that the Government needs to do more in providing affordable housing and to give first-time buyers priority in the marketplace. This is stating the obvious and coming from the leader of the government which provides the tax breaks and incentives that encourage institutional investors in the housing market and have done for many years.

The housing crisis is not a recent crisis but now it is now centrestage and decisions need to be made and not just talked about. To read more join our groups......... First Time Buyer Dublin
First Time Buyer Ireland, Mortgage Advice In Ireland

𝗙𝗶𝗿𝘀𝘁 𝗧𝗶𝗺𝗲 𝗕𝘂𝘆𝗲𝗿𝘀 𝗯𝗲𝗶𝗻𝗴 𝗳𝗿𝗼𝘇𝗲𝗻 𝗼𝘂𝘁.

A new housing development in Maynooth has seen home buyers and in particular first time buyers being frozen out as a UK based investment company buys 135 of 170 new houses....
Read more here. First Time Buyer Dublin First Time Buyer Ireland Mortgage Advice In Ireland

𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗻𝗲𝘄𝘀 𝗳𝗼𝗿 𝘁𝗵𝗲 𝗳𝗶𝗿𝘀𝘁 𝟯 𝗺𝗼𝗻𝘁𝗵𝘀 𝗼𝗳 𝟮𝟬𝟮𝟭

9,091 new mortgages worth €2,142 million were drawn down by borrowers during Q1 2021, the highest volume in Q1 of any year since 2009 despite Covid-related restrictions on building.

First-time buyers (FTBs) remained the single largest segment by volume (51.9%) and by value (50.8%). Read more here...........First Time Buyer Dublin, First Time Buyer Ireland, Mortgage Advice In Ireland

(Source: BPFI.ie - mortgage report April 29th 2021)

Bank refuses to release mortgage for woman deemed at higher Covid risk Woman says she is being penalised for being overweight following the birth of her child

𝗜𝗿𝗶𝘀𝗵 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗠𝗮𝗿𝗸𝗲𝘁 𝟮𝟬𝟮𝟭 – 𝗦𝘂𝗽𝗽𝗹𝘆 𝘃 𝗗𝗲𝗺𝗮𝗻𝗱.

Ireland is an economy short on housing supply. Demand for housing is high and this could be much greater if there is a spending boom after Covid restrictions lift. Supply has been reduced throughout the Covid restrictions but demand has increased. Will this affect your ability to buy your own home?
Read more here - First Time Buyer Ireland , Mortgage Advice In Ireland

𝗢𝗨𝗥 𝗠𝗢𝗥𝗧𝗚𝗔𝗚𝗘 𝗔𝗗𝗩𝗜𝗖𝗘 𝗜𝗦 𝗙𝗥𝗘𝗘. 𝗖𝗼𝗻𝘁𝗮𝗰𝘁 𝘂𝘀 𝗳𝗼𝗿 𝗺𝗼𝗿𝗲 𝗶𝗻𝗳𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻.

𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗤𝘂𝗶𝗰𝗸 𝗧𝗶𝗽𝘀:
1: Max mortgage = 3.5 times Gross salary (combined salaries / income.) This is based on Gross Basic pay.
Shift Allowance is not taken as part of income. Only a percentage of overtime is taken as income for the purpose of a mortgage.
Carers / Domiciliary Allowance is Not taken as income.
2: Max term = Up to 35 years (not beyond 70 yrs of age).
3: Deposit = 10% of value of property (First time buyer) and /or Help To Buy Scheme. 20% for Primary Dwelling home borrowers. 30% for Buy to Let / Residential Investment Property (RIP's).
4: Employment = Must be a minimum 6 months in permanent employment. Not casual , part-time, short contract etc.
5: Salary Cert = Completed and Stamped by employer.
6: ID = Photo ID (Passport / Drivers License).
7: Proof of Address = Utility bill dated within 3 months.
8: Bank / Savings / Loans = 6 months statements on ALL accounts.
9: Visa = Stamp 4 or Irish resident is needed.
10: Self Employed =
- 3 years audited accounts.
- Last 2 years Chapter 4.
- Last 2 years Form 11.
11: Any other Loans = These MUST be paid off either before applying (First Time Buyer) or cleared as part of the mortgage obtained if a property's equity allows for it. This includes loans from abroad.
12: Credit History = Check your ICB Report & CCR Report if you might have bad credit. The mortgage companies will check these for EVERY application.
13: Covid Payment = You cannot apply for a mortgage while on the PUP Covid payment or any Covid government support.
14: Documentation = All documentation has to be supplied to the mortgage companies in English.

The rates on the TWO DECADE long fixed home loans range from 2.6% for a loan to value (LTV) ratio of less than or equal to 60%, up to 2.99% for an LTV of less then or equal to 90%.

Get in touch to discuss

Finance Ireland to offer 20-year fixed rate mortgage Non-bank lender Finance Ireland is to begin offering a 20-year fixed term rate on residential mortgages.

Barry Whelan - Financial Advisor updated their information in their About section.

Lenders have been accused of using the State wage subsidy scheme to “blackball” mortgage applicants.
If you are on the wage subsidy scheme or need advice on your mortgage application contact me

Broker says lenders are using wage subsidy scheme to refuse mortgages It comes after it emerged that lenders are now turning down mortgage applications from people who are not on the subsidy scheme but their employer is availing of it.