[Article] Central Bank rules will leave thousands stuck in a 'rent jail'

Hollister11

http://m.independent.ie/business/personal-finance/property-mortgages/central-bank-rules-will-leave-thousands-stuck-in-a-rent-jail-31227222.html

As many as 12,000 people will be locked out of the housing market because of new Central Bank rules on mortgage deposits, a survey shows.

The research found that almost half of those likely to take out a mortgage in the next three years will struggle to meet the mortgage requirements, and will instead be left lingering in "rent jail".

Another 43pc feel negatively impacted by the new maximum lending limits.

The research was carried out on 1,000 people by Coyne Research and commissioned for mortgage software provider Mortgage Brain Ireland, and seen by the Irish Independent.

Balmed Out

Sensationalist and one sided article.

Almost half who want a mortgage will struggle to meet mortgage requirements while another 43% feel negatively impacted by the new rules.

Surely thats the same group with the journalist rephrasing to make it seem worse then the reality.

"Unwelcome rules" - How was that quantified ? I imagine most people not requiring a mortgage or who already satisfy the rules find anything that lessens the chance of another collapse, usc payments etc very welcome.


I cant help think that its a very good idea for anyone to rent for a few years before purchasing.

gaius c

Or the prices can drop to what the market can bear.

They seem to have left that bit out of the article!

desertcircus

Mortgage software provider commissions poll that suggest policy should be changed to something that would benefit mortgage software provider.

Slydice

If prices dropped, renters would be more easily able to afford to buy houses.
If rents dropped, renters would be more easily able to afford to rent.

Always seemed simple enough to me.

If price X dropped, buyers of X would be more easily able to afford to buy X.

I know... Maths right... really hard? I keep trying to figure out how to explain it better but it never comes to me.

Maybe I should break up my explanation into 2:
- Price go up = More hard to buy
- Price go down = Less hard to buy



Politicans, Bankers, Newspapers, Builders, Newspapers always seem to make it sound so much different.

Their explanations always seem to break down into:
- everybody goes into backbreaking debt
- money flows into Politicans, Bankers, Newspapers, Builders, Newspapers pockets
- prices go up
- everybody goes into EVEN MORE backbreaking debt
- EVEN MORE money flows into Politicans, Bankers, Newspapers, Builders, Newspapers pockets
- etc
- ? some kind of magic ?
- ? somehow not stupid ?
- ? somehow not screwing over people gone into backbreaking debt ?
- ? somehow not making life harder for everyone ?

A lot of people seem to have bought into that way though. Maybe I should add stuff I can't understand into my explanations. Maybe that would sell it.


Would this work?
- Price go up = More hard to buy
- Waves hands mysteriously through air
- chants words "hocusssss pocussss"
- Price go down = Less hard to buy

No? I don't get it