Mortgage rates to rise.....again

Gunsfortoys

Permanent TSB has become the latest financial institution to raise its standard variable mortgage rate for home-owners.
The bank said it would raise the rate by half a percentage point to 4.19% from Tuesday August 3. It said the move would affect around 80,000 customers, adding on average another €17 a month to their repayments.
Chief executive David Guinane said the decision was due to the continuing high cost to the bank of borrowing money on international markets.
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The latest rise is the third announced by Permanent TSB since this time last year. It raised its variable rate by 0.5 points in July last year, with a similar rise in February this year. Last week EBS increased its variable rate by 0.6 points.

Source

Looks like more Variable rate customers will be stung, 80,000 to be exact. IMO if you have a variable get yourself onto a fixed sharpish. I can understand PTSB having to do this as they aren't backed by NAMA etc. But with AIB to follow suit pretty soon, I predict a riot.

Rented Mule

I'm so happy I waited until I could afford a house, and then paid cash.

Screw the banks.

CreepingDeath

As a tracker mortgage holder, I don't predict a riot.

George Orwell 1982

SHAFTED.

Gunsfortoys

CreepingDeath wrote: »

As a tracker mortgage holder, I don't predict a riot.

Indeed, if people voluntarily went off their trackers most of the banks woes would be solved thereby allowing the economy to return to some growth. I love the usual attitude of Irish people though If the banks need to raise cash to fund their business by raising rates, if it affects you, you are quick to say "evil banks, shafted again" yet the people on trackers are perfectly happy to watch others get shafted. I love Ireland:D

PirateShampoo

Gunsfortoys wrote: »

Indeed, if people voluntarily went off their trackers most of the banks woes would be solved thereby allowing the economy to return to some growth. I love the usual attitude of Irish people though If the banks need to raise cash to fund their business by raising rates, if it affects you, you are quick to say "evil banks, shafted again" yet the people on trackers are perfectly happy to watch others get shafted. I love Ireland:D

Hmmmm, didnt the same said banks just receive a massive cash injection from mine and yours tax dollars to stop them from collapsing?

Gunsfortoys

PirateShampoo wrote: »

Hmmmm, didnt the same said banks just receive a massive cash injection from mine and yours tax dollars to stop them from collapsing?

They sure did, I was merely talking to the proud tracker mortgage man. Im in no way defending the indefensible.

CreepingDeath

Gunsfortoys wrote: »

..yet the people on trackers are perfectly happy to watch others get shafted.

Variable mortgages are subject to the winds of financial change.
If you didn't know that when you signed up, then I've no sympathy for you.

You predict a riot, but really you're trying to rally support for a position you voluntarily put yourself in.

stovelid

Thread forecast:

Sustained gloating, followed by a heavy front of schadenfreude moving in from the East. Expected to clear: never.

poodles

Thank god I didn't buy a house.

Cheap Thrills!

CreepingDeath wrote: »

As a tracker mortgage holder, I don't predict a riot.

I've a tracker too, but in this country wouldn't get too smug.....I'm damn grateful but also think...fcuk I'm lucky but any of us could have been on a variable...I would stand with those affected in support because this particular shafting of the 'little man' is just another FF insult.

FFS !!! :mad:

PS. Having a tracker doesn't make any of us smarter, it was just pure LUCK.

poodles

CreepingDeath wrote: »

Variable mortgages are subject to the winds of financial change.
If you didn't know that when you signed up, then I've no sympathy for you.

On a side note, when people signed up to their mortgage is clearly said that if you do not keep up your repayments you may lose your house.

If someone is in arrears for +1 year the house should simply be taken off them - and perhaps rented back to them.

It will be the quiker way to get to the "bottom".

galwayrush

I wonder how much higher they would be if we were not in the euro zone..:rolleyes: Thankfully someone has a small amount of control over the bastards.

TheInquisitor

Its 2010 you've been paying your mortgage for 16 years not 7...

messymess

Not for me!

"I don't know what a tracker mortgage is"

...you ****in do now

gogo

http://www.boards.ie/vbulletin/forumdisplay.php?f=544

maude6868

OOPs sorry I took out my mortgage in 2003-2004, my mistake.

Mr Benevolent

Ah I'm so glad I never bought a house. Or apartment. Or shoebox, for that matter.

maude6868

oops sorry, my mistake I took out this mortgage in 2003-2004.

maude6868

I'm very new to this but have seen good advice over time on various issues. Just don't know where to go to next, not good on financial matters. Cornmarket, the teachers financial advisers are contacting me tomorrow because it was through them I took out this mortgage. Will know more then but I can't see how I am being charged interest for 7 years on money I never had or took or drew down from the bank.

gogo

maude6868 wrote: »

I'm very new to this but have seen good advice over time on various issues. Just don't know where to go to next, not good on financial matters. Cornmarket, the teachers financial advisers are contacting me tomorrow because it was through them I took out this mortgage. Will know more then but I can't see how I am being charged interest for 7 years on money I never had or took or drew down from the bank.

This isnt the forum for this, if you click the link, you'll be in the right forum, lots of experts there who can offer advise.

http://www.boards.ie/vbulletin/forumdisplay.php?f=544