newsletter 4pg a4 oct 2007 indd by gabyion


									                            Autumn Issue 2007


        Leading Economist
        Austin Hughes
        give us his views on the
        current housing market

        New Offices
        for Cork, Galway
        and Wexford

         Our new
         specialist brand

        The summer has been a very exciting
and extremely busy time for Mortgage Plus.
It has seen the opening of new offices in Cork,
Galway and Wexford alongside the launch of
our new ‘specialist’ brand, Mortgages4All.
          The decision to open our offices in Cork and
Galway was in response to the amount of current clients
who live in these areas coupled with the new business           Welcome
enquiries we receive from the West and South West of the        to the Autumn
country every week. We are fortunate to have two great          edition of the
people heading up our operations in these two areas,            Mortgage Plus
Imelda Lynch in Galway and Damien Whyte in Cork,
ensuring that we provide our clients with the personalised
service they require. Alongside the launch of these two
offices has been the expansion of our Wexford branch.
September has seen us move into a new office in the
heart of Wexford Town where Laura Roche continues to            • Our new office in Wexford, located in the heart of the town.
provide a first class service to our South East clients.

          In line with the demands from the current
mortgage market we launched a new brand,
Mortgages4All in August. Mortgages4All works with
the lenders from the ‘specialist’ mortgage sector who
offers loans to clients who may have found difficulty in
obtaining a mortgage from the main banks and lenders.
Typical clients include people who have recently become
self-employed but may not have accounts as yet, contract
workers, people looking to buy their own council
property or people who in the past may have missed
loan repayments and
got behind with their THE DECISION TO OPEN
mortgage.         If you OUR OFFICES IN CORK
would like to talk one
                           AND GALWAY WAS
of our experienced
consultants please see IN RESPONSE TO THE                       • In Galway our new office is situated in the Techology Park,
the contact details on AMOUNT OF CURRENT                         beside the racecourse in Ballybrit.

the back page of this CLIENTS WHO LIVE IN
newsletter.                THESE AREAS

          The European Central Bank took the decision
in early September not to raise interest rates. This is a
decision that I’m sure you all welcomed! It has been an
interesting few months in the Irish property market and
there is obvious uncertainty among people as to what
the short term future is regarding interest rates and house
prices. With this in mind we asked one of Ireland’s
leading economists, Austin Hughes of IIB Bank, to wrtite
an article for this newsletter. Giving his expert opinion
on where the market currently lies and what we might be
able to expert moving into 2008.
                                                                • Our new office in Cork City is situated in the impressive
          Please remember that you can contact us at              Waterfront building on Lapps Quay.
anytime to discuss your current mortgage. We are only
too happy to advise you on recent rate changes and new
products that have become available. Many of you may
be coming to the end of a fixed rate term and should
consider all your options before allowing your mortgage
onto the lenders variable rate. Remember our advice is
free, so please ensure that you are not paying more than
you need to be each month.

Ken Murray
Best wishes

                                                              Lo-Call: 1890 780 780
  Austin Hughes MARKET OUTLOOK   Given the uncertainty in the current housing             hard landing for the housing market. A step-up of
                                 market, we asked one of Ireland’s leading                mortgage interest rate relief, say to a 25% rate
                                 economists, Austin Hughes of IIB Bank, to give           rather than the standard 20% rate, would
                                 us his opinions of the current housing market.           help as would broadening the relief beyond first time
                                                                                          buyers. While the government may be reluctant,
                                 The Irish economy is now experiencing                    now might also be a good time to ease the burden
                                 a bumpy slowdown, much as happened                       of stamp duty and the simple act of backdating any
                                 in 2001 and 2002.        However, as we                  changes mean that such an initiative needn’t cause
                                 discovered on that occasion there is a world             problems for the market in the next month or two.
                                 of a difference between a slowdown and                   Although the budgetary arithmetic has weakened,
                                 a slump. Numbers living and working in                   the lesson from changes to income tax, corporation
                                 Ireland continue to grow at a much faster                tax and capital taxes is that lower rates boost
                                 pace than elsewhere providing momentum                   revenues.
                                 for sustained economic growth in coming
                                 years.                                                   In conclusion, the end of the sequence
                                                                                          of rate rises, some confidence-boosting
                                 There are many concerns today relating to house          measures and a reduction in supply
                                 prices. The doubling of interest rates since the end     suggest the Irish housing market should
                                 of 2005 has made for a dramatic cooling of late.         stabilise by year end with house prices
                                 While it would be foolish to be complacent, it is        increasing modestly as 2008 progresses.

                                                                                          Ausin Hughes
                                 far more extreme to suggest this slowdown signals
                                 the approaching end of the world. Although
                                 construction is important, 7 out of every 10 jobs    Chief Economist
                                 created in the past five years has been in other      IIB Bank
                                 areas and last year new house building contributed
                                 less than a half percentage point to economy-wide
                                 growth of 6.5 per cent. The recent sharp drop in US
                                 interest rates hints that a period THERE IS A WORLD OF
                                 of bad news on borrowing costs
                                 is coming to an end. Indeed, DIFFERENCE BETWEEN
                                 interest rates here could begin A SLOWDOWN AND
                                 to ease in 2008.                   A SLUMP
                                 A couple of other factors argue against an
                                 overly pessimistic outlook:

                                 Ireland’s population continues to increase rapidly.
                                 July 2007 saw a record number of monthly PPS
                                 applications by ‘new’ EU nationals. With travel
                                 data telling a similar story, migration remains
                                 supportive of a healthy housing market.
                                 A sharp fall in house building means weaker
                                 transaction levels rather than tumbling prices will
                                 bear the burden of adjustment in the Irish housing
                                 market. Both prospective sellers and buyers have
                                 fundamentally changed their outlook.

                                 The emerging issue is confidence. The government
                                 needs to be careful to avoid an unnecessarily

 Mortgage Plus Supporting Sport in the Community
                                                                  Mortgage Plus are delighted to announce their continued sponsorship of Lenister
                                                         Senior League side, Glenville FC. The partnership with Glenville comes as a natural
                                                         consequence of the companys sports sponsorship policy, which sees us as current sponsors
                                                         of the Portlaoise ladies basketball team and of Barnhall Rugby Club, one of Kildare’s best
                                                         known sides.
                                                         The partnership with Glenville has been a great success, with the team gaining promotion in
                                                         each of the past two seasons and are now just one division away from intermediate level.
                                                         Supporting local sports groups provides us with an ideal platform to promote our brand
                                                         effectively and at the same time provide important funding for activities that play such an
                                                         important role in the communities we live and work in.

Ken Murray presents a new set of team Jerseys to Ciaran McDonnell of Mortgage Plus and player for Glenville FC.

                           Mortgage Plus have launched a new ‘specialist’ brand specifically for people                            Rate Checker
                           who have difficulty in getting a mortgage for the main banks.                                           MORTGAGE TYPE                CURRENT RATE         APR
                           This is because most banks a have a certain criteria that clients must fall into.                      Standard Variable                 5.10%         5.21%
                           However ‘specialist’ lenders offer mortgages for people who fall outside of the
                                                                                                                                  Standard Tracker                  4.55%         4.65%
                           main lending criteria.
                                                                                                                                  Discounted Tracker                4.45%         4.67%
                           Mortgages4All offer a broad range of competitive mortgage                                              1 Year Fixed                      4.99%          5.4%
                           options which are typically of help in the following
                                                                                                                                  2 Year Fixed                      4.89%          5.3%
                                                                                                                                  3 Year Fixed                      4.89%          5.0%
                           •   Self-employed and may have difficulty providing accounts                                            4 Year Fixed                      5.39%          5.4%
                           •   Recently divorced or separated                                                                     5 Year Fixed                      5.19%         5.21%
                           •   Adverse credit rating
                                                                                                                                  10 Year Fixed                     5.49%          5.6%
                           •   No credit history due to time working abroad
                           •   Foreign national and living in Ireland a limited time                                              Rates correct as of 17th October 2007
                           •   Are employed but have irregular income                                                             All above rates are a general reflection of the lowest
                                                                                                                                  rates in each category across the mortgage market.
                           Earning an irregular income                                                                            All rates are subject to criteria and terms and conditions.
                           Working practices are changing in Ireland, for example over 15% of the                                 For the most recent rates please go online:
                           workforce is now self-employed, while over 16% work part-time. This, combined                
                           with the increasing role that commission, bonuses and overtime play in terms
                           of income, means that an irregular income is an increasing feature of life.
                           Specialist lenders recognise this.
                           Difficulties repaying mortgages, loans,                                                                PENSION PLAN
                           credit cards or other forms of credit
                           Specialist lenders have a range of mortgage options that are designed to help                         Retirement planning is one of the
                           people with current or historic difficulties repaying mortgages, loans, credit                         most important aspects of personal
                           cards or other forms of credit. They focus on your current ability to repay rather                    finances. At Mortgage Plus we provide a
                           than on your past performance.                                                                        professional, personal financial planning
                                                                                                                                 advisory service, helping clients achieve
                           Divorce, redundancy, long term sickness                                                               their financial objectives tax efficiently.
                           Unforeseeable and unfortunate situations such as divorce, redundancy and long
                           term sickness can affect anyone at any time. Along with the understandable                            The single rate State Pension (contributory)
                           emotional impact, such situations often affect people financially, leading to                          is currently just €209.30 a week (March
                           difficulties in securing a mortgage.                                                                   2007). It is essential to take out a pension
                                                                                                                                 if you do not want to face a dramatic
                           Specialist lenders have developed a range of product options to cater for the
                                                                                                                                 drop in income when you retire. It also
                           above circumstances. They look at every case on its merits to find the right
                                                                                                                                 makes sense to start saving for your
                           solution for each client.
                                                                                                                                 retirement as the government offers
                           So if you are any one you know falls into the above catecorys, talk to us in                          generous tax reliefs (up to certain limits)
                           Mortgages 4All about how we can help.                                                                 for people who save into a pension.
                                                                                                                                 So talk to us today about a
                           Lo-Call    1890 280 280                         
                                                                                                                                 personal pension plan that is
                                                                                                                                 tailored to your needs.


                                                               Leo Turley    Dermot Gildea      Ken Murray      Damien Whyte    Imelda Lynch     Laura Roche     Sarah Cosgrave   Andrew Salter
                                                                Director        Director         Director           Cork          Galway           Wexford            Laois       Mortgages4all

             Advisor Team
            Working for you
                                                              Fiona Clancy     Darren McGarry      Leanne Farrelly       Laura Murray     Ciaran McDonnell       David Collier    John McEvoy
                                                                 Leixlip           Leixlip             Leixlip              Leixlip            Leixlip             Leixlip        Mortgages4all

                                                                                                      Head Office, 3 The Mall, Main Street, Leixlip, Co. Kildare.
                                                                                                      Lo-Call: 1890 780 780 Fax: 01 624 6345
                                                                                                      Cork Tel: 021 4943935                              Galway Tel. 091 744502
                                                                                                      Portlaoise Tel: 057 8661042                        Wexford Tel: 053 9184246

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