(known as the Local Authority Home Loan Scheme since 4th January 2022)
We regularly get queries in relation to the Rebuilding Ireland Home Loan Scheme (or the Local Authority Home loan scheme) as it is now known, so here’s a few of the more frequently asked questions we get.
Citywide Financial is often surprised by how little we're asked about income protection. While insurance packages like mortgage protection and family protection form the cornerstone of an individual's financial plan, income protection is often overlooked. We would argue this is a mistake.
Buying a home for the first time conjures up feelings of excitement and frustration The excitement comes from getting on the property ladder and being finally able to build a home of your own. However, this excitement is often tempered by the reality of paperwork, responsibility and debt.
Most potential buyers are ecstatic at the news that they have got mortgage approval. However it’s essential to bear in mind that the purchase of your home isn’t 100% secure just yet. Follow the steps below to ensure that you avoid making seemingly innocent mistakes that could cost you your dream home.
If you currently have a mortgage, you may want to change to a different mortgage or an alternative lender to secure a better deal….
A buy to let mortgage is comparable in many ways to a residential mortgage. There are however some notable differences….firstly the interest rate is typically higher and you usually are required to put down a larger deposit.
Throughout November 2021, the Irish Independent has published a number of articles discussing the money-saving benefits of switcher mortgages. It’s a concept that has clearly sparked the interest of Irish homeowners.
You’re obviously thinking that we will say that Citywide Financial are the best Life Brokers in Ireland. While this may in fact be true, the point of this blog is not to tell you how good we are, but to help you to compare brokers so you can choose one that suits you and your financial requirements.
One of the biggest hurdles when buying a house is getting the money together for a deposit. It can help to look at some of the smaller steps you can take to help you reach your target – every little helps. From lifestyle changes to reducing your monthly outgoings, you’ll be pleasantly surprised at the impact these changes can make on your finances.
Income Protection is something we would advise most people to look into but for some professions in particular it makes makes absolute sense to have some form of salary protection in place and this is why.
The point of this blog is not to tell you that Citywide Financial are the best Mortgage Protection Brokers in the country, but to help you to compare brokers so you can choose the one that suits you and your financial requirements.
Thankfully we are all living longer and healthier lives, so shouldn’t need to think about funeral costs for a very long time, however, it is advisable to be prepared as unfortunately accidents can happen and the cost of funerals varies hugely depending on where you are in the country and what type of funeral you want to have.
People with serious medical conditions such as diabetes, cancer & heart disease form a large proportion of our society and most are acutely aware of the importance of life insurance and are often keen to get cover in place to leave to their loved ones when they’re gone.
In Ireland, Capital Acquisition Tax ( CAT) is more prominently known as Inheritance Tax.
CAT is a tax that’s charged on money or property which is gifted to or inherited by a beneficiary.
Cancer is the most prevailing medical condition in Ireland.
Cancer life insurance premiums can differ significantly from one insurance provider to another depending how they assess whatever type of cancer you have or have had.
Depending on their work activity, getting life insurance for commercial divers can often be obtained at standard rates.
If you are planning to build your own home on a site you already own, or intend to purchase you will need flexibility in terms of your mortgage drawdown. You want to be able to drawdown the mortgage in stages as the building progresses. Otherwise you would end up paying back a full mortgage while your home is still partly under construction.
People don’t normally think of their current income and their future earnings as an asset.
However, in reality, the salary you earn pays for almost everything you have….your mortgage, bills, your car loan and much more. Without it you are facing into a pretty bleak future. People don’t want to think about what life would be like should disability or illness strike.
The first thing to say is that there is no need to panic. The wind down of Ulster Bank in Ireland will take some time plus you have protection under the Consumer Protection Code (CPC) regarding the Terms & Conditions of your mortgage.
It’s almost a year since we experienced our first lockdown in Ireland and Covid 19 is still causing headaches for people trying to secure a mortgage. However it’s not all doom and gloom. There have been some positives on the mortgage front.
Have you checked on your life policies recently? What is the difference between Life policies? Which type of life policy should I choose?
Yes, you are eligible for life insurance during pregnancy. Making an application for a life insurance policy when you’re pregnant is similar to any other time.
Switching your mortgage provider or product can help you save money. It can also create additional funds for home improvements, reduce the term of your mortgage or consolidate your debts.
Huntington’s Disease ( HD) is a rare hereditary medical condition that causes the progressive breakdown of nerve cells in the brain.
In this blog our resident mortgage expert Robert O’Neill QFA answers 10 questions we regularly get asked about buying an Investment property .
Tinnitus is the medical name for a hissing, whistling or ringing sound sensation in one or both ears or in the centre of the head.
The majority of medical professionals agree that once a person attains a BMI
( Body Mass Index) score of 25 to 30, they are considered to be overweight.
Mortgage Protection Insurance is a policy that pays off your existing mortgage if you or another policy holder dies during the term of the mortgage.
When determining a mortgage, lenders use different criteria to decide on the amount of money they are willing to lend. All lenders are compelled to follow specific Central Bank rules when doing this.
A mortgage is a loan taken out to buy a house, property or land.
Cerebral Palsy (CP) is a condition marked by impaired muscle coordination typically caused by damage to the brain before birth.
The Defence Forces are the armed forces of Ireland comprising of the Army, Air Corps, Naval Service and Reserve Defence Forces.
Everyone has heard of Income Protection but is it something we should all have or is it a luxury if you have spare cash? The thoughts of being ill or injured at some point in the future and being unable to work is quite daunting.
Your existing mortgage approval (or approval in principle) is not affected by Covid-19. However the next step on the road to getting your mortgage may be impacted by it.
Kidney stones are hard deposits made of minerals and salts that form inside the kidneys.
Bipolar Disorder is a mental health condition characterised by periods of manic and depressive episodes that can cause extreme shifts in moods, energy and activity levels making day to day living difficult.
Following on from our last update the mortgage market has seen a continued improvement with a big increase in demand for mortgages and also a corresponding increase in approvals.
Coeliac Disease is a common digestive disorder in which the intestine has an abnormal immune reaction to gluten intake.
Fibromyalgia is a chronic painful rheumatoid condition that causes pain at specific tender points all over the body.
In making an application for life insurance with Fibromyalgia, some of the information facts that underwriters will need to know are as follows...
The Help to Buy scheme which came into effect in Jan 2017, was previously a tax rebate for first-time buyers worth €20,000, but the recent stimulus package has raised this to €30,000.
Citywide Financial Solutions are independent mortgage and insurance brokers totally committed to protecting our clients with the very best advice and guidance.
Rob O’Neill and his team always welcome the opportunity to speak with you whether you have a general life insurance query or need assistance in finding the most appropriate policies for you.
We outline here some frequently asked questions on life insurance and related topics...
Since our last update a few months ago the mortgage market has thankfully seen an improvement with banks and brokers seeing an increase in demand for mortgages and in turn an increase in approvals from lenders.
A transient ischaemic attack ( mini-stroke) occurs when the blood supply to part of your brain is blocked or reduced thereby depriving brain tissue of vital oxygen and nutrients.
Gout is a complex form of inflammatory arthritis characterised by a build-up of uric acid in the bloodstream that causes pain and swelling in your joints.
Having gout is not a life-threatening condition and you can be accepted for most types of life insurance policies.
Multiple Sclerosis (MS) is a life-long condition that affects the brain and spinal cord causing a wide range of potential symptoms including problems with vision, balance, muscle control and other basic body functions.
Usually you should be able to acquire life insurance at standard rates if you have an involvement in motor sports.
High blood pressure is a common condition in which the long - term force of the blood against the artery walls is high enough so that it may be the cause of health difficulties such as heart disease.
Anorexia Nervosa is a serious eating disorder characterised by an abnormally low body weight, intense fear of gaining weight, food restriction and a strong desire to be thin.
Epilepsy is one of a range of nervous systems disorders that is usually defined by the recurrence of different levels of seizures.
Rheumatoid Arthritis is a long-term medical condition that results in pain, swelling and stiffness in the joints.
Experiencing a heart attack is a life threatening and frightening situation that no one can fully appreciate unless it happens to them.
Before an insurer offers you a quote for single or joint life cover, they will want to know more about who they are protecting.
Here at Citywide Financial we often get asked to explain the different types of Life Assurance (Insurance) available on the Irish market. In our blog below Brian Courtney QFA gives a brief summary of each.
With rents continuing to soar in Ireland and in particular in certain parts of Dublin the dream of owning a home remains as strong for most people as it has ever been.
Most people buy insurance policies such as Serious Illness Cover, Life Insurance & Income Protection to give them peace of mind in times of uncertainty. It’s difficult to think of any time more unprecedented and uncertain than 2020.
Planning on starting a family in the not too distant future or maybe you already have that due date marked into the calendar? If so, time to start thinking about how this little bundle will affect your life financially.
With rents continuing to soar in Ireland and in particular in certain parts of Dublin the dream of owning a home remains as strong for most people as it has ever been.
Can I get Life Insurance if my job is risky?
The answer is yes. You can get life Insurance, however you may face an increase in premiums compared to someone who is working in a desk job.
Trying to kick your smoking habit for 2020? Did you know that smokers can pay twice as much for life insurance as their non-smoking counterparts?
Your health is one of many things taken into consideration when you look to get life Insurance. It can significantly affect the premium you pay, however a pre-existing condition is unlikely to rule you out of getting a policy.
Citywide Financial Solutions team of insurance brokers can assist individuals suffering from Crohn’s disease to get the right life insurance cover for their unique requirements.
Mortgage Protection
Mortgage protection is a policy which pays the bank upon your death to clear your mortgage loan, hence the reason why the banks insist on you taking it out!
The short answer is yes, it is possible to get life Insurance however it is definitely harder to get it with a pre-existing condition.
Did you know that less than a third of Irish professionals currently have a pension plan? There’s always the state pension though, right? From March 2019, the State Pension in Ireland is €248.30 per week. For many this is a sharp decrease in what they have been used to earning in full time employment, hence the need to supplement the gap with a private pension.
Everyone has heard of Income Protection but is it something we should all have or is it a luxury if you have spare cash? The thoughts of being ill or injured at some point in the future and being unable to work is quite daunting. Life unfortunately can be quite unpredictable, so our advice would be to be prepared.
Inflammatory Bowel Disease
Diabetes
Can I get life Insurance with Type 2 Diabetes
To simplify enormously, yes you can get life insurance even if you have been diagnosed with type 2 diabetes.
However, due to the nature of the condition, individuals with type 2 diabetes need to meet certain criteria to successfully qualify for life insurance.
Naturally enough, a major factor taken into account is the overall health of the applicant.
Patients with type 2 diabetes are expected to be properly monitoring the condition and eating a sensible diet. Most insurance companies will also expect an applicant’s HbA1c reading to be less than 9.
Mental Health Protection
Citywide Financial Solutions works alongside some of Ireland’s longest established financial institutions, and as such can find the right life insurance package for individuals with mental health conditions.
The flexibility of our brokers can help clients get the type of insurance cover that's appropriate for their specific requirements.
Clients can have our expert brokers get the right life insurance packages for your unique requirements. Call our offices today to schedule an appointment. 086 229 3032
