Money Guide Ireland

If you have been turned down for a loan or a mortgage – it is possible to check your credit rating  with the Irish Credit Bureau (ICB) to see what information it holds. It only costs  €6 to do the check.
It is pretty easy to get  a copy of your credit report. You can  apply online at www.icb.ie
The €6 application fee can be also paid online using a debit or credit card.
You can also telephone all the ICB on (01) 2600388 to request an application form  by post, and submit it with a postal order or bank draft for €6 to the ICB.

Requests for credit reports are typically processed within three to four working days once the ICB receives the application form, but if more information is required from the applicant, it will take a little longer.

Once you receive your credit report, it’s quite possible that you may spot an error .  For example, you may have completed a direct debit form incorrectly and missed a loan repayment due date as a result, or your lender may have granted you a payment holiday on a loan  but forgot to show this on their  report sent to the ICB.

Financial institutions must ensure that information they hold about you is correct and up to date. You have the right to insist that they correct any incorrect information about you.
If you find a mistake in your credit report, ask your lender to write to the ICB with details of the changes, and request a copy of their letter. The ICB can’t change your report unless a lender requests it to do so in writing.

Most lenders will  correct any mistakes and amend your credit report, but if there is a delay  you can make a formal complaint and refer to matter to the Office of the Data Protection Commissioner (www.dataprotection.ie).

Fraud squad officers and white-collar crime investigators have raided the headquarters of Anglo Irish Bank, in Dublin. It’s understood they’re looking for books, documents and other materials which could provide evidence of any offences under company law.

Gardai attached to the Garda Bureau of Fraud Investigation have been called in to assist other officers working with the Director of Corporate Enforcement.

A garda spokesperson said the searches are part of an ongoing investigation with regard to suspected offences under the Companies Act.

Anglo Irish was involved in a loans controversy in December last year when Chairman Sean Fitzpatrick admitted he had hidden a total of €87 million in loans from the bank.

This triggered a series of incidents which led to the eventual nationalisation of Anglo in January this year.

Hardly a surprise raid though – is it. Any incriminating evidence will have been destroyed ages ago. Talk about bolting the stable door….. I suppose they have to be seen to do something. I wonder if any of the millionaire bankers or developers  will end up being prosecuted?

Tesco Ireland are offering almost free delivery (only  1 cent ) on online shopping this week . Only available for delivery slots this Wednesday Thurs and Friday – February 18th 19th 20th 2009. Visit Tesco here  to place your order (Normally up to €7.50 for delivery) You can put a few things in your basket – checkout and choose your delivery slot  before they all go. You can then add stuff to your basket right up to 4pm the evening before your delivery date.

The competition between the banks for First Time Buyer mortgages is resulting in some good 1 year fixed rates. Bank of Ireland have annoinced a rate of 2.45% fixed for 1 year (FTB only). This comes 1 day after AIB launched a 1 year fixed rate of  2.49%.

See all the Best Mortgage Rates in our Mortgage Best Buys section

If you are a local authority tenant – you can apply to purchase the house from your local Council. You only have to have been a tenant in a local authority house for a year before  you can apply to your local authority to buy it, either outright or through shared ownership. (Shared ownership minimum purchase is 40%)

In general, all local authority houses are included, with the exception of houses provided for and occupied by elderly people and flats. Local authorities can exclude houses for reasons of good estate management, because of their structural condition or if they have proposals to carry out remedial works to them.
Apartments or flats are not included in the tenant purchase scheme.

The price of the house will be its market value as determined by the local authority in its existing state of repair and condition, minus discounts. The structural condition of the house will be taken into account and any increase in the market value due to improvements you made to the house will be disregarded in calculating the price.

If you disagree with the local authority’s valuation of your house, you can contest it by getting a valuation certificate from a qualified valuer. If there is a significant difference between the local authority’s original valuation and the valuation submitted by you, then the local authority will refer it to the Valuation Office.

Mortgage

You can either get a mortgage with a bank or building society  or you can apply to your local authority for a local authority mortgage.

You will be allowed a discount of 3% of the value of the house for each year of the tenancy of a local authority house up to a maximum of 10 years plus 3,809.21 euro.
No stamp duty is payable on the house.

If you want to sell the house within 20 years of the date you bought on or before you have acquired full ownership, you must get the consent of the local authority.

Allie Irish bank have made some changes to mortgage interest rates for new customers that came into effect today (Feb 16th 2009). Previousl they had one standard variable rate for all LTVs – but now they charge higher rates for bigger LTVs. The best variable rate from AIB is available for borrowers who want to borrow  less than 50% of the value of their house. (3.25%) . Halifax will give similar borrowers a rate of just 3.15%.
AIB’s rate for an LTV between 80% and 92% is now  3.65%. Last week the same housebuyer could have got 3.25%.  By introducing these new bands – AIB have managed to reverse some of the recent cuts they made to mortgage rates after ECB rate cuts.  See all the lowest mortgage rates on the menu to the right.

Northern Rock in Ireland have finally announced a drop in the interest rate on the Online Demand Deposit account. The new rate is 4% (annual) – it was previously 5%. The new rate comes into effect on Monday 16th February 2009.

See the Best Instant Access Savings Rates here

Tesco Personal Finance has decided to pull out of the personal loans market in Ireland

Tesco says all existing customers will continue to be serviced by Ulster Bank, and it is assuring customers that they will continue to get the same rate of interest. Anyone who applied for a loan up until last Friday February 6th – will have their loan application processed normally.

Tesco is writing to all its 3,600 personal loan customers to inform them of the change, but customers do not need to do anything.

Tesco had the lowest rates of interest on personal loans since it launched the product in 2004. They say this is temporary, and they expect to be in a position to come back to the personal loan market in the near future. See the Best Personal Loan Rates here

Other financial products – including credit cards, car insurance and life insurance – are still available from Tesco.