Professional Real Estate Associations in Ireland
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Financing a Property
Banks and Building Societies are the normal sources of funding for property purchase in Ireland. In the current climate lending is subject to much stricter criteria than was applied in recent years and evidence of the ability to repay the loan in the agreed term is being strictly adhered to.
The standard mortgage term was 20 years, but this is under some upward pressure at present. Rates can be variable or fixed, or indeed a combination of both (i.e. fixed rate on a portion of the loan and flexible on the balance). Fixed terms are usually upwards of one year and it is possible to obtain a ten-year fixed-term rate in today’s market.
Always remember that highly qualified actuaries, employed by the lending institutions, set fixed-term repayment rates, whereas variable rates are dictated by the European Central Bank base lending rate, plus an identifiable margin
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Buying a Property
There are no restrictions to foreign ownership of real property as Ireland has one of the most open economies in the world.
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