Should 100% mortgages return?

rob316 · 24-07-2018 08:28PM #1

I think they should. It's unrealistic expecting young working people to raise 30k for a deposit while paying extortionate rent on the private market.

Maybe even 95%?

Poor Uncle Tom · 24-07-2018 08:32PM

Expensive money isn't the answer to the housing shortage.

saintsaltynuts · 24-07-2018 08:32PM

It's the only way most people would get a mortgage these days.

Benteke · 24-07-2018 08:33PM

One recession not good enough for you?

ytpe2r5bxkn0c1 · 24-07-2018 08:34PM

It's a huge topic but I don't think 100% mortgages were ever a good idea. When getting our mortgage it was a max of 80% and tied strictly to a multiple of our earnings. In many ways this helped keep price rises under some check.

Squall Leonhart · 24-07-2018 08:35PM

90% mortgages are already pretty good. 100% is only asking for trouble all over again.

Money easily got isn't money valued.

theboringfox · 24-07-2018 08:35PM

No they should never return. Just drives up prices. I'd prefer to see tighter not looser rules.

rob316 · 24-07-2018 08:35PM

Benteke wrote: »

One recession not good enough for you?

When you have couple's out there who would have the means to pay back 2k a month but can't get mortgages because 1500 of that goes on rent. I don't see why a 100% mortgage would be a problem.

TheValeyard · 24-07-2018 08:36PM

Not a good idea at all.

monkeysnapper · 24-07-2018 08:38PM

Did i dream it or did they at one point chuck a 100% mortgage plus a brand new Rover car at people ...

Ipso · 24-07-2018 08:39PM

It may be the smart and ballsy thing to do.

The Rape of Lucretia · 24-07-2018 08:39PM

rob316 wrote: »

When you have couple's out there who would have the means to pay back 2k a month but can't get mortgages because 1500 of that goes on rent. I don't see why a 100% mortgage would be a problem.

Because there arent enough houses. Allowing more people to spend money they risk never being able to pay, or being caught when prices normalise would be bananas. If anything, the % should be reduced not increased when prices are in a bubble.

Dealing with the supply of houses is the only sane action.

gifted · 24-07-2018 08:40PM

monkeysnapper wrote: »

Did i dream it or did they at one point chuck a 100% mortgage plus a brand new Rover car at people ...

That was just stupidity at its best.....

Everyone knows Rover were ****e cars lol lol

I'll get my coat....

24-07-2018 08:43PM

I think we are doing well with 90% to be honest as much as i would like 100%! prices would go... through the roof :cool:

monkeysnapper · 24-07-2018 08:50PM

gifted wrote: »

That was just stupidity at its best.....

Everyone knows Rover were ****e cars lol lol

I'll get my coat....

Did anyone take them up on offer .... I remember thinking how absolutely stupid that was .

P_1 · 24-07-2018 08:52PM

No but we need to start building houses yesterday, this time in places where people want to live. Of course this won't happen till the core FF/FG voters are out of negative equity. Cheers for pulling the rope up there lads

padd b1975 · 24-07-2018 08:52PM

I got a 100% 340,000 mortgage over 35 years in 2006 with my now ex wife.
In twelve years the principal has decreased by about 80k.
To be honest its not something I've dwelt on too much over the years, I just concentrate on meeting the repayment and everything that goes with it every month.

I hope to rent out a couple of rooms in the next few months for as close to the 14,000 limit as possible and put that towards the mortgage as well which will hopefully reduce the term of the loan substantially.

I don't think it would be a total disaster to reintroduce the product under very strict criteria and I certainly wouldn't discourage anyone from availing of one if they met the terms and conditions.

Lackey · 24-07-2018 08:55PM

100% mortgage but stick to the wages=borrowing formula for deciding loan amount could work

24-07-2018 08:57PM

Short memories it seems!

24-07-2018 08:58PM

Definitely not. We need to stick to our rules. If they ever change the rules they should adjust it by no more 1 or 2 percent per year.

If they changed to 100 percent mortgages all at once the only thing that would happen is house prices would jump yet again. You still have a house shortage. Letting people borrow more money without increasing the amount of housing will do nothing more than put more money in the sellers pocket

24-07-2018 08:58PM

No. I think many (not all) young people could be better with money though and therefore be able to save more.

Mooooo · 24-07-2018 08:59PM

No. Credit fuelled the last bubble and giving it out more easily will only push prices higher esp when supply is well down. Keep some form of rules 're deposit required, x times applicants wages etc and get them to be be better on the interest rates. Their cost of funds are fcukall atm and they are making a serious margin as is

retalivity · 24-07-2018 09:03PM

Bring back 105% mortgages - i need extra for the decking

Try_harder · 24-07-2018 09:05PM

Eh, no

MidMan25 · 24-07-2018 09:05PM

100% with a requirement to pay back more in the first 5 years to reduce the principle?

It would solve the issue of people being well able to afford a mortgage repayment but not to save the 10% deposit while paying high rent, on the other hand as others said prices will be driven up.

24-07-2018 09:05PM

Wait for the next recession, can't be too far away

Outkast_IRE · 24-07-2018 09:06PM

rob316 wrote: »

I think they should. It's unrealistic expecting young working people to raise 30k for a deposit while paying extortionate rent on the private market.

Maybe even 95%?

Fixing the rental market is the answer - not overlending to young people to prop up an over expensive housing system.

If you cant save the deposit when renting or living at home, then maybe buying a property isnt suitable for you, the mortage cost is only one cost of many that comes with property ownership.

Ipso · 24-07-2018 09:10PM

retalivity wrote: »

Bring back 105% mortgages - i need extra for the decking

Decking for the Dublin gaff or the Bulgaria one?

WoollyRedHat · 24-07-2018 09:11PM

Now 100

retalivity · 24-07-2018 09:12PM

Ipso wrote: »

Decking for the Dublin gaff or the Bulgaria one?

Crap....better make it 110% so

SEPT 23 1989 · 24-07-2018 09:14PM

Yes I think you should take on as much debt as you can sign for

Things are great nothing will change

We wont repeat the mistakes of the past

We are an island

Should 100% mortgages return?

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