New house buyers are at last getting a break. What with historically low interest rates, buyers incentives and huge price reductions there is evidence of genuine increases in enquires if not yet in sales. Confidence – or the lack there of is the major reason for resistance to make the final commitment. Fears over JOB security are to the fore with the obvious question being:
HOW WILL WE PAY THE MORTAGE IF ONE OF US LOSES OUR JOB??
Recognising this the IHBA (Irish Home Builders Association) have taken the initiative. From today home buyers who buy from participating members will be eligible for MORTAGE SHIELD - a 3 year mortgage redundancy protection plan covering mortgage repayments if either purchaser is out of work due to:
SICKNESS
ACCIDENT
REDUNDANCY
The policy takes effect when the sale is completed and covers a maximum of 12 months mortgage payments over the 3 year term
And most importantly it’s FREE as the developers pay the 3 year premium up front.
Speaking at the launch Hubert Fitzpatrick of the IHBA said “In current circumstances removing uncertainty is vital. We know from our members that enquires are up and prices are down so addressing confidence is the crucial missing link. What more important confidence giver can one have than to be assured that your mortgage commitments are protected. While it is undoubtedly another cost to member firms, addressing Purchasers concerns is top of our agenda and in Mortgage Shield we feel we have done just that.”
Details from Mortgage Shield at
www.mortgageshield.ie or 01 6011883