The first quarter of 2014 has shown a significant increase in mortgage activity for Opes Wealth Trust. This is mainly due to the perception that the property market has started to recover. This can be confirmed by all the latest statistics from the various providers confirming that property prices in Dublin have increased by approximately 16% during 2013. Prices continue to edge upwards during 2014 in selected areas.
Other contributory factors include the increased and very welcome appetite of lenders to return to the mortgage market after years of stagnation. Increased rents have also played a part in driving mortgage activity levels as the cost of monthly repayments on a mortgage in many instances now is equal or indeed cheaper that monthly open market rents in some areas.
Opes Wealth Trust has been particularly active in recent months in arranging mortgages for first time buyers as well as for clients trading up to more suitable and spacious family homes. Supply issues continue to be a major topic of concern for most applicants particularly in the South Dublin area. Inevitably this had lead to sharp price increases in the affected areas which have been well documented in media and government circles over the past six months or so.
Despite the issues raised above and the increased activity in the mortgage sector, not surprisingly the banks continue to adopt a cautious and prudent approach to mortgage lending. All pertinent areas of an applicant’s lifestyle are vigorously accessed prior to approving a mortgage application. These areas include the necessity for an historic and consistent level of monthly savings, employment history and security, a detailed assessment of each applicant’s current account and credit card statements over a 6 month period and more.
The team in Opes Wealth Trust is available to meet with anyone seeking to purchase a property with a view to putting a coherent and realistic plan in place that will entice any potential lender to advance the necessary funds to assist with purchasing a new home.