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Halifax launch FTB fund

  • 25-11-2008 10:25pm
    #1
    uberwolf
    Registered Users, Registered Users 2 Posts: 7,581 ✭✭✭


    3.2% fixed rate starting now. €100M fund.

    Rate good till 2011, irrespective of when you draw down.

    calculator here http://www.halifax.ie/index.jsp?1nID=94&2nID=104&pID=104&nID=633

    Details here http://www.halifax.ie/index.jsp?1nID=94&pID=104&nID=110

    Is this a sincere move, or marketing gimmick with limited likely take up?

    Does this mark the return of some backing for FTBs - and if they take it up, will this slow the fall of house prices?

    Ultimately it's in the interest of banks to shift the debt on property to individuals rather than large developers. It's in the countries interest to have a functioning housing market (complete with realistic prices - which this prevents or maybe marks(depending on your perspective)). So is this good news?


Comments

  • #2
    BendiBus
    Closed Accounts Posts: 2,074 ✭✭✭BendiBus


    It's only €100 million. Even if loaned at 80% of LTV (haven't read the rules) that's enough for less than 500 average properties. By itself it won't have a huge effect on the market.


  • #3
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,286 Mod ✭✭✭✭The_Conductor


    BendiBus wrote: »
    It's only €100 million. Even if loaned at 80% of LTV (haven't read the rules) that's enough for less than 500 average properties. By itself it won't have a huge effect on the market.

    With an overhang according to the CIF (who are very likely to understandably want to understate the level) of 34,000 units in the First Time Buyer market.

    Its a marketing measure by RBS- nothing more, nothing less. It represents less than 8% of their ROI residential mortgage lending in 2007......?


  • #4
    gurramok
    Closed Accounts Posts: 13,992 ✭✭✭✭gurramok


    It'll be good news for those that can get it(<500). Its 90% so those that have saved will be rewarded assuming they can get a house that is not overpriced. (apts are 80%)

    Still, 3.2% for 2.5 yrs is very good. Only problem is negative equity maybe upon the purchaser in 2011 assuming a bottom or a crash still happening then so switching may not be an option.


  • #5
    ZYX
    Registered Users, Registered Users 2 Posts: 882 ✭✭✭ZYX


    It's not just Halifax
    http://www.independent.ie/business/personal-finance/property-mortgages/banks-battle--for-firsttime-buyers-in-new-mortgage-war-1552756.html
    AIB are offering good rates for FTB at 92% LTV


  • #6
    gurramok
    Closed Accounts Posts: 13,992 ✭✭✭✭gurramok


    Looking at Halifax's website. It seems to be 5 times salary for lets say a single buyer but at 35yrs.

    The calculator only gives Var rates. Anyone have any luck inputting figures to get the new ftb rate?

    (i put in single applicant earning 35k which gave max loan of 177k with 23k deposit and returns a rate of 5.01% at 35yrs repaying 1,024 per month)

    Now with AIB. http://www.aib.ie/personal/mortgages/First-Time-Buyer-Package

    I can't seem to get that special rate either, anyone in the know? :)


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  • #7
    ZYX
    Registered Users, Registered Users 2 Posts: 882 ✭✭✭ZYX


    gurramok wrote: »
    Looking at Halifax's website. It seems to be 5 times salary for lets say a single buyer but at 35yrs.

    The calculator only gives Var rates. Anyone have any luck inputting figures to get the new ftb rate?

    (i put in single applicant earning 35k which gave max loan of 177k with 23k deposit and returns a rate of 5.01% at 35yrs repaying 1,024 per month)

    Now with AIB. http://www.aib.ie/personal/mortgages/First-Time-Buyer-Package

    I can't seem to get that special rate either, anyone in the know? :)
    Halifax's offer is from Dec 1st.


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