How long before banks are able to lend, like normal banks?

Freiheit

Do people think? Have been trying to sell a property and while there is interest, most cannot get a mortgage. Should things be better in a year ,or sooner.
Danke
F

sopretty

Well if the propaganda we're being fed about this IMF bail-out is to be believed, the purpose of the whole thing is to get banks lending again....... Then again, I recall hearing that same rhetoric for the past year or so with regards to the Anglo bail-out....

By that reasoning, once we get the bail-out, the banks will be lending like they've just gotten a windfall of 80bn!

Now if you believe that..........

Ah no, to be helpful, I think it will take at least 6 months, assuming this all goes smoothly, for consumer and banking confidence to become a little more upbeat.

In the interim, if you could find someone who has money saved, doesn't need to borrow to buy and is confident spending their savings on property, you're laughing..... Good look finding someone!

Maj Malfunction

Maybe the question should be... How long will it take to get rid of the failed political system and associated muppets before we are governed like a normal country?

wylo

Freiheit wrote: »

Do people think? Have been trying to sell a property and while there is interest, most cannot get a mortgage. Should things be better in a year ,or sooner.
Danke
F

The problem at the moment is that houses are STILL far too overvalued, they are simply not worth the prices that people are asking. This is obviously horrible for anyone trying to sell.
So I dont think banks are gonna give out money too easily any time soon, given the fact that even PS workers who would probably have been the most likely candidates for mortgages are going to be facing horrible measures.
This means they wont be able to afford the prices being asked now, add to that increased taxes, and a reduction in private sector wages I cant see how you will be able to sell any time soon unless your willing to knock off another 20% of the price.

Freiheit

I'm not looking for a big price, I'd just like people who are genuinely interested to be able to get a mortgage...We shall see......Can't really move on with my life at the moment.

oceanclub

Freiheit wrote: »

Do people think? Have been trying to sell a property and while there is interest, most cannot get a mortgage. Should things be better in a year ,or sooner.
Danke
F

Any money going to banks is currently filling holes in deposits. AIB alone has lost €13 billion since June, and that has increased pace. Meanwhile, taxes are going to rise enormously. All this will have a huge effect on the property market. And yes, even now, property is still overpriced.

P.

ejmaztec

I think that the banks will still hold back on the lending, seeing the vast percentage of potential borrowers as high-risk. They can only be prudent this time around.

Dannyboy83

Freiheit wrote: »

Do people think? Have been trying to sell a property and while there is interest, most cannot get a mortgage. Should things be better in a year ,or sooner.
Danke
F

Better in a year - Not by a long shot!

The ECB will be taking over the banks and doing god knows what - maybe good bank/bad bank scenario.

There is going to be very little new lending until the banks deposits are in line with the current catastrophe.
You are looking at 3/4 years.

If you have an offer now, I would take it, cause if people thought property has crashed...........they ain't seen nuthin yet!!

We are now entering the perfect conditions for a 2nd crash.