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Good afternoon <<First Name>>!

Welcome to the first monthly ezine in a while...hope you are doing well.. I have been busy...and I am not going to bore you with Budget 2019 details - you know them already plus a synopsis will be in the new edition of Money Doctor 2019 for those who may have missed it - out mid December in all good shops.

Switching mortgages certainly seems to be in the air currently. The average standard variable rate in Ireland is 3.25% while in Europe it is 1.78%. So first thing is check what rate you are currently enjoying ... then there are 3 steps to consider before you embark on that switch...

1. Loan to value ... your mortgage should be less than 80% of the value of your home ( if you are in negative equity, you may STILL be able to move your mortgage to a preferred home but only through your OWN lender )..if separating, you may be able to obtain 90% ... email me for details
2. Income ... all lending is based on your ability to repay. 10 years ago you may have justified your mortgage with your two incomes. Lenders were more generous then plus you may not be on the same income now. The parameters are

  •  3.5 times your joint annual incomes

Lenders are allowed some leeway but that discretion is all used at the start of the year.. again email me for details
3. Credit history ... if you have had a tough time over the last 10 years it may appear on the Irish Credit Bureau ( Clonskeagh Dublin 14 ) where one missed payment is like a beacon for 5 years.. a judgement is there for life ! You need a really good story to get past a credit committee if you are highlighted in the ICB. The new government Credit Agency is also setting up currently and will be doing the same job.

Once you satisfy these 3 conditions, and if you are paying a high standard variable rate, then you are free to switch. Some lenders will even pay your legal fees to switch ! Worth doing....


PCP or Credit Union ?

Q. I am buying a new car and its costing € 26,245. I have the 30% - € 7,873 and the repayments will be € 207.69 for the next 3 years. If I go the PCP route, I will have to pay on maturity at least € 11,810 – the Guaranteed Minimum Future Value (GMFV) Should I go to the credit union, and take out a loan for the full amount ( 70% ) which would cost me nearly c. € 320 more per month or should I just fire ahead and choose an option in 3 years’ time ? Thanks  David – Tullamore Co Offaly

Find the answer here


The 14th edition of Money Doctor published by Gill Books comes out mid December 2018 complete with Budget 2019 synopsis, 100 ways to save cash, 5 Tips for the Top, appendix on everything you wanted to know about mortgages and social housing plus an economic commentary from media economist Jim Power.

Click on this link to join the advance order list for your copy of Money Doctor 2019 - it will make both a great stocking filler and a cosy comfort for those early days in January 2019 when you might be reassessing your finances....


Be honest: you don’t think you need to read this article. You’ve imagined it enough times already: the excited phone calls, the email telling your boss where to go, the round-the-world trip, the new Jaguar iPace. If you count them up, there are probably way more than seven things you already know you’d do if you won the Lotto – but that’s where John Lowe The Money Doctor comes in with a dose of reality and advice, to make sure that your windfall, should it come, lasts you long into your dotage! Here are his 7 tips when you’ve won the lotto… continue reading here

Money Doctor app - track spending for FREE

We relaunched the new Money Doctor app...
  1.  simply record your spending for 4/5 weeks or a calendar month
  2.  when finished, press the "Request report" button
  3.  report shows
  • top 5 spends
  • total amount spent
  • where you geographically spent every cent!
Simply go to your Appstore or Playstore or type in Money Doctor on those web sites - let me know your thoughts...
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