Won't affect me too much, thankfully. But a huge blow to many already suffering with increased costs.
this is just the start of it its gonna keep going up and people just wont be abel to pay im lucky enough i fixed last year for 3 years otherwise id be fcuked
Im after getting four balled up the sh1tter here with this so, firstly i had to bend over for PTSB and their 1% increase now this This country is in for a wave of mortgage defaults, thankfully me and the wife have jobs but god help people where only 1 person is working or neither is working
ECB now at 1.25%, All variable and trackers affected. Wouldn't surprise me if they upped the variable by 0.3% or more.
Yeah an absolute certainty, there's close to 70k in arrears as it is so while that number increases the number of defaults will increase too
Despite the political measures I (unfortunately) can only see the repossessions going up too...sad...especially as the State owns (via nama) so many houses..surely solutions can be found...
Good question. As the government is writing down the cost of all the commercial properties with all the developers still sitting away in their mansions anyone who bought a house in say a 5 year window when the prices hit the roof should all be written down by circa 20%. It should make no odds to the bank and it will only effect the back end of the loan by shortening it by 10 years or so in 20-25 years time and has no effect on the here and now. If the ordinary joe's tax is bailing out these banks its only right as its the developers that got the houses to the prices they were. There is only so many holes a person has for the banks and the government to fcuk at the one time.
I'd be all for them writing off some debt for people who are seriously in trouble, but don't you just know that people who are not in trouble will start to complain that they are being punished for being frugal and not getting caught up in the property bubble etc. Unfortunately it's all a vicious circle
The thing is only sellers got the benefit of the bubble, people still had to buy houses they just got shafted on the price. I got my house 3.5 years ago and I could have waited but had I I'd still be renting now and I got 100% mortgage and more than I was entitled to get which if I tried now even with the prices coming down I probably only be able to afford a dump even with the deposit as to what Id be loaned. I dont think there is anyone who bought in the bubble that isnt in massive negative equity at the moment.
Yeah they have confirmed it all banks will pass it on. And if you are looking to fix you probably have left it too late Its expected there will be 2 more rises this year
I'm on a tracker so have been extremely fortunate to date, but this one is gonna cost me about 80 - 85 quid a month .... just what I didn't need right now, needless to say.