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Put some Euro back in your pocket for a change

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By Ted Healy of DNG TED HEALY

So it looks as though mortgage rates in Ireland have hit rock bottom with inevitable rate increases in the post.

Some 200,000 homeowners are on Standard Variable Rates and are set to pay more with rates across Europe expected to rise in the coming months.

Around 250,000 are on trackers, which rise or fall when the ECB rate changes. An increase of about 25 basis points (one quarter percent) is expected. This means that monthly repayments would increase by about €40 on a €300,000 mortgage.

The European Central Bank (ECB) president Christine Lagarde recently refused to rule out an ECB rate rise – a move that would see tracker and variable rates rise, and new fixed rates become more expensive.

The Dutch Central Bank president and a member of the ECB’s governing council, Klaas Knot, said he expects the ECB to raise interest rates in the fourth quarter of this year. He expects an interest rate rise of 0.25% between October and year’s end.

So does this mean now is the time to lock into a longer-term fixed rate? There are some very attractive fixed rate terms available in the market at present, which in five year's time will very likely look like great value.

NOT ALL BAD NEWS

It is not all bad news however. Surging house prices over the last two years mean that thousands of homeowners are now unexpectedly eligible for lower mortgage rates.

With the sudden rise in property values in recent times, there are now opportunities for anyone coming out of a fixed term period to take advantage of lower loan-to-value mortgage rates which could make significant savings over the life of the mortgage.

Mortgage interest rates get a lot more competitive at 80% loan-to-value as banks tier their rates based on this calculation.

With double-digit property inflation in the past few years, coupled with some of the loan having been paid off, anyone who took out a mortgage in 2019 or 2020 with an original loan-to-value of 90% should be at 80% loan-to-value now.

A loan-to-value of 80% means a homeowner has built up equity of 20% in their home and can now benefit from a more competitive rate.

There are still over 200,000 Irish households repaying their mortgage on Standard Variable Rates of up to 4.5%. The average new mortgage rate in Ireland at the end of last year was 2.79%. However, in 2019 the average rate was just over 3%.

There are certainly savings to be had by switching mortgages – especially for those coming out of a fixed term where their loan-to-value ratio has decreased over the past few years.

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Arbutus Hotel’s 100th anniversary honoured at IHF Conference

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The centenary of the historic Arbutus Hotel took centre stage this week at the Irish Hotels Federation (IHF) Annual Conference.

Held at the Gleneagle Arena, the gathering of over 300 hoteliers from across the country provided a platform to celebrate the 100-year legacy of the Buckley family and their landmark establishment.


The story of the Arbutus began with Tim Buckley, who spent 14 years in New York working as a night porter and hackney cab driver to save the funds needed to buy the property he had admired as a young man.

After returning from America, Tim and his wife Julia Daly purchased what was then Russell’s Hotel in 1925, officially renaming and launching it as the Arbutus Hotel in 1926.

Julia Daly played a significant role in the hotel’s early success, having attended the Ramsgrange Cookery School in Wexford to ensure the food and hospitality standards were world-class from the outset.


Today, the hotel remains under the care of the Buckley family, with three generations having steered it through a century of Killarney’s tourism history, passing from Tim to his son Pat in the 1960s, and now run by Tim’s grandson, Seán Buckley.


Garrett Power, Chairman of the Kerry IHF, presented a bouquet of flowers to Roisin Buckley, Seán’s daughter and first cousin of international star Jessie Buckley, to mark the occasion. The presentation honoured both the hotel’s centenary and the family’s wider contribution to the town.

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Over €2K raised at Killarney premiere of Hind Rajab film

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Killarney for Palestine welcomed over 120 people to The Brehon on Sunday evening for the Kerry premiere of the Oscar-nominated film, The Voice of Hind Rajab.

The event served as a fundraiser and an important experience for the local community, highlighting the story of the five-year-old child killed in Gaza.
The evening raised over €2,000 in donations. These funds will be sent via mutual aid directly to five families in Gaza and to The Hind Rajab Foundation.
The film’s director, Kaouther Ben Hania, recently made headlines at the Berlin International Film Festival by declining the “Most Valuable Film” award at the “Cinema for Peace” gathering. Addressing the audience, she explained her decision to leave the trophy behind as a reminder of the lack of accountability for the deaths of Hind Rajab, her family, and the paramedics sent to save her.
“Peace requires justice and accountability, not glossy slogans,” Ben Hania stated, adding she would only accept such awards when peace is rooted in moral and legal obligations.
Killarney for Palestine holds regular updates on their social media pages and invites the public to join their monthly vigil at the Killarney Courthouse, held at 12 p.m. on the last Sunday of every month.

Over €2K raised at Killarney premiere of Hind Rajab film


Killarney for Palestine welcomed over 120 people to The Brehon on Sunday evening for the Kerry premiere of the Oscar-nominated film, The Voice of Hind Rajab.

The event served as a fundraiser and an important experience for the local community, highlighting the story of the five-year-old child killed in Gaza.
The evening raised over €2,000 in donations. These funds will be sent via mutual aid directly to five families in Gaza and to The Hind Rajab Foundation.
The film’s director, Kaouther Ben Hania, recently made headlines at the Berlin International Film Festival by declining the “Most Valuable Film” award at the “Cinema for Peace” gathering. Addressing the audience, she explained her decision to leave the trophy behind as a reminder of the lack of accountability for the deaths of Hind Rajab, her family, and the paramedics sent to save her.
“Peace requires justice and accountability, not glossy slogans,” Ben Hania stated, adding she would only accept such awards when peace is rooted in moral and legal obligations.
Killarney for Palestine holds regular updates on their social media pages and invites the public to join their monthly vigil at the Killarney Courthouse, held at 12 p.m. on the last Sunday of every month.

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