Ireland - Buy To Let Property and Mortgages

BUY-TO-LET PROPERTY IRELAND

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The buy-to-let sector in Ireland grew in all parts of the country during the period 200 to 2006 . During the
first three months of 2008, residential investment mortgages accounted for 13.3 per cent of all mortgages; the figure was 13.7 per cent in 2007.
The tax relief for investors increased the popularity of buying to let as an investment.
According to property website Daft.ie, rents nationwide fell by more than 5 per cent in the first three months of 2009. The national average monthly rent stood at €840 at the end of March 2000 , a drop of €160 on last year.

The potential for further drops in house values is also an issue for existing investors who are considering whether to cut their losses and sell now.
If buy-to-let investors get into mortgage repayment difficulties - they might not get much sympathy from the lenders. Under the terms of the Irish bank recapitalisation scheme and the Irish Banking Federation’s code of practice on mortgage arrears, lenders have obligations in relation to private homes that do not apply to buy-to-let properties.The main focus of these obligations is the protection of the debtor’s home, making repossession proceedings a very last resort. Similar obligations do not apply to buy-to-let loans.

People still need rental property - but many immigrants have returned home - reducing demand.
The best places for rental property is in towns with third level education institutions.

Tips:
• Before you buy a property - make sure the rental market in that area is not stagnant. Check the number of vacant rental properties.
• Keep your rental property in good condition to ensure maxmum occupancy.
• Try using letting agents to get your tenants - the best tenants are busy (working) tenants - and they tend to use letting agents.
• Consider a fixed rate mortgage deal or Interest Only
• Buy property in or near planned public transport improvements such as major roads or the Luas.

Money Guide Ireland has details of the latest mortgage rates in Ireland

Tip: Buying to Let has a better chance of success in the student towns and cities such as Dublin, Galway, Cork, Limerick, Waterford,Carlow, Castlebar, Athlone - to mention a few. If you have a child attending college - why not buy a house or flat and then rent it to them and their friends?

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