Tasfasdf wrote: » Did AIB give you the full amount on the initial AIP, just going through the last few steps and hearing you got it was wondering did they reduce and if so by much?
GreeBo wrote: » The same logic would lead me to believe that the majority of those 600,000 private dwellings are 3 bed houses, so I'd suggest that the percentage in arrears is quite low. Let's say 75% of the arrears are Dublin and 75% of them are 3 beds. They are pretty generous numbers I reckon. So let's say half of all private dwellings in Dublin are 3 beds. That's still only 12% of Dublin 3 beds in arrears, and I'd wager they make up more then half of private dwellings, probably more like 75%+, which gets you around 8%. So 92% of Dublin 3 bed owners are not in arrears. I.r. The vast, vast majority
schmittel wrote: » No idea, but a fair slug I'd guess, I'd go as far as to guess most of them. My logic being I would suspect the majority of the arrears cases are in Dublin, (it being the most populated county), and the majority of those are 3 bed houses (that being the most common PDH).
GreeBo wrote: » What percentage of 3 beds in Dublin do you reckon they make up? Last figures I can find have 600,000 private houses in Dublin.
coinflip wrote: » Process took 5 or 6 weeks with a lot of follow-up requests for payslips and P60s going back to 2017 (not self-employed). But yeah, still not putting a ton of faith in it.
pearcider wrote: » Well in case you haven’t been paying attention I’m very bearish on Irish property and indeed property in general and have been for a while. I fully expect our banks to tighten their own lending standards as opposed to following central bank diktats in 2016. Banks don’t act in isolation and Irish banks will be paying attention to what JPM have done. Banks love to lend into a property bubble. As the banks collateral value increase, the banking system is happy to increase its loans to borrowers, which pushes prices yet higher, and so on in a positive feedback loop. Of course eventually this must end. Usually the high prices prompt overdevelopment which lowers rents and then forces borrowers to default. I think the fact that JPM have tightened lending standards in order to protect their loans is very significant. It signals the credit cycle has now irreversibly turned and significant falls in property lie ahead. Daft rental report is out in a couple of weeks and that will be key data for everybody on this thread.
awec wrote: » AIP is a very fluffy thing, especially these days. Many banks have moved to a fast-track system where AIP is given very quickly with almost no due-diligence and no underwriters involved. For a bank, granting AIP is super low risk, since it's pretty much nothing more than giving someone an estimate of an amount they might be eligible for. Unless you had to submit payslips, bank statements and all that jazz, and your application went through the underwriters, don't put too much faith in your AIP figure.
schmittel wrote: » Not quite all of them. No doubt some of 60,596 mortgages that are in arrears in the country are 3 bed houses in Dublin.https://www.centralbank.ie/statistics/data-and-analysis/credit-and-banking-statistics/mortgage-arrears
Maitguel wrote: I haven’t meet anyone who wants to pull out of a purchase so far although if you don’t have contracts signed you should look for a cut, purely because you can. I think if someone wants to pull out now it’s because they think they were already paying too much for the house, Covid just pushed them over.
coinflip wrote: » Got AIP last Friday for 4.5x with AIB - valid for 12 months (so they say). Not planning on stretching that high anyway but tough to know what they would honour at loan offer.
nerrad01 wrote: » I just got confirmation from my broker that the banks she deals with have all pulled exemptions across the board. I know a previous poster said they had just got one with kbc, but i imagine once you get beyond approval in principle it would be hard to get the exemption over the line.
Maitguel wrote: » How reliable are the prices on PPR, Daft, My Home PR? Do the EA enter these figures or are they based on stamp duty returns? I haven’t meet anyone who wants to pull out of a purchase so far although if you don’t have contracts signed you should look for a cut, purely because you can. I think if someone wants to pull out now it’s because they think they were already paying too much for the house, Covid just pushed them over. The lockdown is really screwing everything as there are zero transactions and no point in advertising new properties now so impossible to know what is happening with prices.
notcarlos wrote: » Hi everyone. Just received the contract. One quick question. What is the difference between Deed of transfer vs deed of charge. Just figuring out how much they paid for the house.
pearcider wrote: » Rental market stalled in mid 2019...right about the time the international credit markets did. So while it won’t reflect the covid collapse it will at least be hard data instead of just $hit as you so eloquently put it.
Hubertj wrote: » With so little activity in the Irish market at present, what will the daft report tell us next month? I would have thought it would be 6 - 12 months before we know the impact? Or are you smarter than everyone? Or are you full of sh*t?
Dwarf.Shortage wrote: » Well no we already know for a fact that what you said is incorrect and the old regime did not expect FTBs to have a 20% deposit. As to whether that may be the case in future yes we will have to wait and see, not that this is much of a point considering you could say that about anything whatsoever in the future.
Greyian wrote: » I believe it was 20% on everything about 220k. So the 400k house would have required a deposit of 58k (14.5%). It's likely we'll see banks tightening their lending criteria and one of the easiest ways for them would be to bring FTBs in line with SSBs. The banks could restrict this themselves, it wouldn't need to be the central bank reinstating old rules.
Dwarf.Shortage wrote: » It's a disingenuous post to start with, the 20% was only on the excess above €300k so on a €400k house 12.5% deposit, on a €500k house a 14% deposit etc. Even if the old system is brought back FTBs won't be asked for a 20% deposit.
pearcider wrote: » Time will tell.
Dwarf.Shortage wrote: » No, but that wouldn't be a flat 20% on the entire sale price as you claimed.
pearcider wrote: » Just a fact really. Is it really so hard to believe that we could go back to the deposit regime that existed here 3 years ago?
Dwarf.Shortage wrote: » There go the goalposts
Dylan94 wrote: » Fair point. I was just looking at price changes. So should have said those with changes in price are down about 10%.
JimmyVik wrote: » Amazing what you cant get with a tiny sample size
fliball123 wrote: » so thats based on 16 properties now factor in the other 19015 properties that have not changed what is the average now?? 0.0001%
