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120% Mortgages

  • 27-07-2005 6:59pm
    #1
    Fitzer12345
    Closed Accounts Posts: 22 ✭


    Headline in todays Indo. What do people think would anyone be interested, or avoid due to risk of major negative equity?


Comments

  • #2
    CCOVICH
    Closed Accounts Posts: 240 ✭✭CCOVICH


    One thing to consider is the old chestnut, "match the term to the use", i.e. don't borrow for your sofa, table, bed etc. over 30 years as the benefit will be long gone while you are still paying for the asset. The banks will make more money off you if you borrow for your furnishings etc. at mortgage rates over 30 years vs. personal loan rates over 5 years.

    I know that IFSRA can't prevent banks offering 120% mortgages, but they shouldn't encourage it, even if people can afford it.


  • #3
    kluivert
    Registered Users, Registered Users 2 Posts: 2,399 ✭✭✭kluivert


    For a young first time buyer who pays big rent each month i think that 100% is enough. It is not wise to borrow any more than that.

    But there will be people out there who will take this opportunity to buy themselves a new home and a new car to match, wait till you see.


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