Households are borrowing less to focus on paying off mortgages and loans
Households are borrowing less as they focus on paying off mortgages and personal debt .Loans to households fell across the board during November, data from the Central Bank shows. Homeowners continued the trend seen throughout the year of prioritising paying down debt as loan repayments exceeded draw-downs by €335m during the month.
Read more on Independent.ie – http://www.independent.ie/business/irish/households-borrow-less-as-they-focus-on-repaying-mortgage-debt-30874737.html
One of the better consequences of the recession has been a change in our attitudes to debt and more Irish people are using their savings and extra income to clear personal loans and mortgages earlier. If you are still renting but wish to get on the property ladder, MC Financial would recommend that you clear any personal loans and credit cards, as other borrowings will have an effect on how much you will be able to pay towards your mortgage each week.
Do you feel ready to take the plunge and apply for your first mortgage? Get in touch with Michael today by calling 01 822 8022 or by emailing michael@mcfinancial.ie. You can also fill out our mortgage enquiry form and a member of our team will be in touch to discuss your application shortly.
For more top tips on how a mortgage broker can help you on the road to your first home, check out the MC Financial First Time Buyers Guide.
