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Another interest rate hike for ebs/aib

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  • 24-04-2013 9:52pm
    #1
    matt-dublin
    Registered Users Posts: 4,468 ✭✭✭


    I'm starting to find this soul destroying, I'm now paying nearly 1900 a month for something I started off paying €1300 for 7 years ago.

    Aib say ebs haven't had an interest rate hike in two years, has to be lies!

    Is it just me or is this whole variable lark completely unsustainable and forcing all of us plumbs out of house and home!

    The banks just seem to be pushing their burdens onto the people who were able to afford their mortgages and gradually pushing everyone into personal insolvency.

    Surely do they not realise that they're going to end up with more of a problem if they keep raising the rates????


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Comments

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    #2
    shopaholic01
    Closed Accounts Posts: 4,916 ✭✭✭shopaholic01


    Have you considered a fixed rate at all?


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    #3
    Steve O
    Closed Accounts Posts: 595 ✭✭✭Steve O


    shopaholic01 wrote: »
    Have you considered a fixed rate at all?

    What is this? Serious hours?!

    Attach a pair of giant wings to your house and fly away OP.


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    #4
    matt-dublin
    Registered Users Posts: 4,468 ✭✭✭matt-dublin


    shopaholic01 wrote: »
    Have you considered a fixed rate at all?

    Can't afford a fixed rate, it's nearly €250 more than I'm currently paying....


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    #5
    shopaholic01
    Closed Accounts Posts: 4,916 ✭✭✭shopaholic01


    Steve O wrote: »
    What is this? Serious hours?!

    Attach a pair of giant wings to your house and fly away OP.
    In fairness, I was being sarcastic. Not the easiest thread for it.


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    #6
    shopaholic01
    Closed Accounts Posts: 4,916 ✭✭✭shopaholic01


    matt-dublin wrote: »
    Can't afford a fixed rate, it's nearly €250 more than I'm currently paying....
    It's always higher than variable, you should have changed months/years ago. Rates will increase so you might as well go fixed now.


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    #7
    matt-dublin
    Registered Users Posts: 4,468 ✭✭✭matt-dublin


    shopaholic01 wrote: »
    It's always higher than variable, you should have changed months/years ago. Rates will increase so you might as well go fixed now.

    Literally can't afford to......


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    #8
    Hootanany
    Registered Users Posts: 5,477 ✭✭✭Hootanany


    Do a Ben Dunne


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    #9
    Boombastic
    Closed Accounts Posts: 6,496 ✭✭✭Boombastic


    Hootanany wrote: »
    Do a Ben Dunne

    I don't think cocaine will help the OP..unless it's to make him work faster? :pac:


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    #10
    matt-dublin
    Registered Users Posts: 4,468 ✭✭✭matt-dublin


    Boombastic wrote: »
    I don't think cocaine will help the OP..unless it's to make him work faster? :pac:

    Working faster is no good if you're on a salary!

    The only person who benefits outta that then is the employer!!! :D


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    #11
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Be thankful you're not that couple just interviewed on Midweek OP.


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    #12
    Uriel.
    Registered Users Posts: 8,061 ✭✭✭Uriel.


    Switch to a tracker mortgage...











    oh wait....


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    #13
    smash
    Closed Accounts Posts: 34,809 ✭✭✭✭smash


    Strawberry Milkshake wrote: »
    Be thankful you're not that couple just interviewed on Midweek OP.

    An explanation action would be great...


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    #14
    true
    Banned (with Prison Access) Posts: 1,325 ✭✭✭true


    matt-dublin wrote: »
    I'm starting to find this soul destroying

    you might, and I feel sorry for you, but the manager in the bank who arranged the loan is entitled to his big salary and pension. He does not find it soul destroying and is not losing sleep at night. For every loser there is a winner.


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    #15
    shopaholic01
    Closed Accounts Posts: 4,916 ✭✭✭shopaholic01


    matt-dublin wrote: »
    Literally can't afford to......
    Then you need to 'engage with your lender'. If you can't afford a fixed rate, you can't afford an interest rate hike.

    You're really in the wrong forum.


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    #16
    Boombastic
    Closed Accounts Posts: 6,496 ✭✭✭Boombastic


    matt-dublin wrote: »
    Working faster is no good if you're on a salary!

    The only person who benefits outta that then is the employer!!! :D

    No good so. Hookers?


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    #17
    dxhound2005
    Registered Users Posts: 20,709 ✭✭✭✭dxhound2005


    I thought mortgage rates were very low historically now and have not changed much in the last few years? What rate was the €1300 repayment at and what is it now?

    Back in the day when unemployment was even worse than now, mortgage rates were as high as 18% so every generation has had to deal with problems paying for home ownership.


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    #18
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Strawberry Milkshake wrote: »
    Be thankful you're not that couple just interviewed on Midweek OP.

    Themselves and 2 other people bought houses off plans on new development in Co Clare in 2006. Developer got into trouble 2008, bank took it bank and barricaded up site. They said they have paid 185k in 7 yrs off mortgate and paying rent. All that was left to do was connect services then 2nd fix.

    The other owner was 2 weeks away from moving in. House all ready.

    Then my dogs starting fighting with each other and I missed the rest lol


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    #19
    kormak
    Registered Users Posts: 887 ✭✭✭kormak


    Christ! nothing but negative comments in reaction to the OP's post.
    Nobody really gives a f*ck anymore eh?... However if the govt decide to legislate and tweak the TRS for trackers vs variable mortgage holders, THEN there'll be uproar!!

    I'm in the same boat as the OP.
    We are finding ourselves being literally suffocated by these rate increases and are now preparing ourselves for possible first arrears.
    Believe me I don't want this to happen but when you're left with nothing else at the end of every month, you don't have a choice.
    And for anyone who wants to point out the whole "it's a variable rate arguement", Yes! it's a variable rate, but the whole of Europe is deliberatly pushing it's rates downwards as it's in recession and our banks go the opposite direction?!
    My salary has remained stagnant since 2008, yet taxes, fuel costs, childcare costs, property taxes, etc, etc.... have ALL gone up!!
    This is not sustainable by any sense of imagination.
    anyway, I sincerely hope Michael Noonan grows a pair of balls sometime soon and takes on these pr!cks.... I for one am not going to sit down and take it.


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    #20
    kormak
    Registered Users Posts: 887 ✭✭✭kormak


    donegal_road wrote: »
    walk away op, dont be like the two meek individuals in Clare, save up your money and get out of here.

    *bracing myself for the usual trolls to attack this post with 'you've got to take responsibility for your actions, Bertie didn't put a gun to your head to buy the house, Hairy Marney didn't force you to sign the contract, you and you alone are responsible for repaying this... blah blah f**king blah

    not as simple as that, when you have little mouths to feed/shelter!


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    #21
    SEPT 23 1989
    Registered Users Posts: 43,027 ✭✭✭✭SEPT 23 1989


    More money taken out of the real economy and thousands more fall into arrears


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    #22
    jester77
    Registered Users Posts: 11,262 ✭✭✭✭jester77


    Those rates sound nuts given the current ECB rates and that they will probably drop a quarter point at next weeks meeting. I'm after getting a 20 year fixed rate mortgage in Germany at 3.1%, with the first 100k fixed at 1.25%. Sounds like some of the Irish banks are taking the piss. People should shop around.


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    #23
    smcgiff
    Closed Accounts Posts: 5,943 ✭✭✭smcgiff


    jester77 wrote: »
    Sounds like some of the Irish banks are taking the piss. People should shop around.

    I don't think a German bank will lend to an Irish couple in Ireland.

    Very few banks are lending in Ireland, much less accepting transfers. And AIB's variable rates have been amongst the lowest in Ireland anyway.


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    #24
    smash
    Closed Accounts Posts: 34,809 ✭✭✭✭smash


    SEPT 23 1989 wrote: »
    More money taken out of the real economy and thousands more fall into arrears

    No doubt board gais and esb will probably announce a price hike soon as well.


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    #25
    kormak
    Registered Users Posts: 887 ✭✭✭kormak


    smcgiff wrote: »
    I don't think a German bank will lend to an Irish couple in Ireland.

    Very few banks are lending in Ireland, much less accepting transfers. And AIB's variable rates have been amongst the lowest in Ireland anyway.

    Yes... but they're almost 100% STATE OWNED!!!


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    #26
    anncoates
    Closed Accounts Posts: 13,925 ✭✭✭✭anncoates


    You're actually paying the bank more seeing as the government are no doubt screwing a couple of hundred quid out of your monthly salary in made-up "charges" to continue to fund the banks' incompetence and thievery.


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    #27
    snubbleste
    Banned (with Prison Access) Posts: 31,117 ✭✭✭✭snubbleste


    Of course if the interest rate was being lowered, the OP would be just as outraged.


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    #28
    matt-dublin
    Registered Users Posts: 4,468 ✭✭✭matt-dublin


    snubbleste wrote: »
    Of course if the interest rate was being lowered, the OP would be just as outraged.
    That doesn't even make any sense, why would i be outraged if my bills were going down......

    #postwin!


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    #29
    smcgiff
    Closed Accounts Posts: 5,943 ✭✭✭smcgiff


    kormak wrote: »
    Yes... but they're almost 100% STATE OWNED!!!

    Which means... the more profitable the company is the more money the state/tax payer will get back when it's eventually sold.


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    #30
    Chips Lovell
    Moderators, Politics Moderators, Sports Moderators Posts: 24,268 Mod ✭✭✭✭Chips Lovell


    Regardless of what the ECB rate is, one look at AIB's annual results will tell you why they're increasing rates. The bank is losing money.

    Not good news for hard pressed mortgage holders though.


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    #31
    anncoates
    Closed Accounts Posts: 13,925 ✭✭✭✭anncoates


    snubbleste wrote: »
    Of course if the interest rate was being lowered, the OP would be just as outraged.

    Obviously variable mortgages are a gamble but I think the OP has a right to be a little miffed when AIB - already in receipt of large amounts of taxpayers money, including I assume the OP's - are bucking European trends by hiking rates, especially when a lot of people are struggling to honour the repayments as it is.

    You can say that people should predict changes in circumstance but a lot of the changes in people's economic circumstances in the last few years are not what you would normally expect in a recession, rather stupid stealth taxes and charges.


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