Finance

BANKS AND FINANCE INFORMATION

MORTGAGES

BANKING

LIFE INSURANCE

Here is some information on banks and other financial related items. It is similar to the UK but there are differences you need to be aware of. Things happen a lot slower over here and sometimes seem over complicated for what you are trying to achieve. One example of this is when I had to transfer a large sum of money. When phoning I was told this isn't a problem from any branch, until I got to the branch to be told this could only be done from the branch where my account was held. However some time later after refusing to go until it was sorted, it resulted in the branch I was in faxing over to my account branch copies of ID I had, then the manager at my branch having to fax over authorisation to do the transfer

If you are used to doing the premium Bonds in the UK. Ireland have a similar scheme through the post office

MORTGAGES

Buying a home in Ireland, whether you are purchasing for the first time or selling an existing home is a considerable financial decision. House prices in Ireland over the past ten years have risen enormously and unless you are one of a very small group who can afford to buy a house outright, you will have to borrow the money and pay back the loan, usually over 20 or 25 years. (Some lenders will allow you to pay back your loan over 30 years).

Mortgage rates in Ireland are pretty good at the moment, depending on what deposit you can put down you can get some pretty good deals. The average rate is about 3.5% but you can get it as low as 2.8% if you are in the position to put down a large deposit, probably 60% for example. Tax relief is also available on the interest part of your mortgage repayments, this only applies if you are living there.

Lenders usually lend up to 92% and in some circumstances you can 100% depending on your profession and ability to make repayments.

The monthly cost of a €230,000 repayment mortgage over 25 years at 2.69 per cent assuming a first year fixed rate is €1,053 per month.

More Information on Mortgages can be found here

BANKING

In Ireland Bank charges on current accounts are very common, usually in the form of transaction charges and sometimes a periodic fee as well. these fees typically add up to between 60 and 120 Euro a year. You also have to pay a 15 cent tax to the government for each cheque you write.

So again shop around as you can get some good deals. It is also worth checking whether they will let you have a cheque book and or Debit card. The Bank of Ireland for example only let us have a cash card for drawing cash out from ATM's saying you have to be with them for at least six months before you can get a debit card. They do however offer on line banking where you can set up bill payments etc. If you manage to get a debit card use the cash back facility when offered by retailers.

Most banks will require proof of your address in Ireland - normally a utility bill. This could take up to 2 months to get - so be prepared for a delay. They will also require your passport and when we opened ours we had to have our PPS number (Personal Public Service Number) see working in Ireland.

These Are the Major Banks in Ireland that offer Current account facilities.

You can get more details on bank charges from the Link Below

Credit Cards

Again it is worth looking around as you would in the UK you can get the usual deals such as 0% interest for a specific period. Something to be aware of is if you are moving here from another country the government charge an annual tax on credit cards which is 40 euro at the moment. It is worth looking at keeping your UK cards or even setting one up before you move. try and get one where you can pay it off online. It will certainly come in handy for paying off bills in the UK and very useful while you are trying to set up bank accounts and Debit cards over here

LIFE INSURANCE

Mortgage protection cover (life insurance) is required if you are taking out a mortgage in Ireland. It is not mandatory if you are buying an investment property.
The idea of mortgage protection policy is to repay the outstanding balance of your mortgage should you die or become seriously ill.

Again More information is available from the Irish Financial Services Regulatory Authority

In 2004 joint life protection for a 40 year old couple over 20 years would expect to pay between 50 and 80 Euro month

Yes there is a Tesco over here as well as shopping you can get Life insurance

This is one of the major online Insurance brokers in Ireland