Many Irish residents have reduced their household spending due to the economic downturn. A recent study from the Central Statistics Office showed that over 80% have made cuts. Some cut back on discretionary spend on transport and going out to pubs and restaurants, others reduced their grocery spend or purchased cheaper clothing and footwear. Despite the cuts, many still admitted to not being able to fund their ongoing bills and many were not able to make mortgage repayments at least once in the last 12 months. To make matters worse, the introduction of the new Land and Conveyancing Law Reform Act now allows banks to repossess homes and investment properties. It is estimated that the bank have now issued over 43,000 letters threatening repossession.
This is indeed worrying times for homeowners. So why not use Paddy Compare to compare home insurance in Ireland and try and save yourself some needed cash. Simply enter your details into our online home insurance comparison form and Paddy will quickly compare home insurance prices across Ireland. It’s totally independent, free and easy to use and could save you money that could be used to meet your mortgage repayments. Get home insurance quotes now at Paddy Compare.