Cyrus wrote: » amount of people on the the state support has dropped massivelyhttps://www.rte.ie/news/business/2020/0720/1154384-numbers-on-pup-fall-by-almost-50-since-peak/
brisan wrote: » There are still 950,000 people dependent on the state for their income. This is from a total workforce of 2,400,000https://www.google.com/search?q=republic+of+ireland+workforce+numbers+2019&rlz=1C1GCEB_enGB889GB889&oq=REPUBLIC+OF+IRELAND+WORKFORCE+NUMBERS+&aqs=chrome.1.69i57j33.14190j0j8&sourceid=chrome&ie=UTF-8 So over 39% of the total workforce dependent on the state for their wages How many will leave PUP AND go on TWSS
Cyrus wrote: » i dont foresee the 300k+ plus civil servants in that total having an issue getting a mortgage?
brisan wrote: » I don't see those who already having a mortgage having an issue either I wont have an issue because I don't need one but a lot of those 950,000 will need a mortgage and are being stopped from getting one
brisan wrote: » My issue is that a record low of Mortgage approvals in April and May and likely to continue that trend considering banks will not lend to those on PUP and TWSS or grant exemptions it will be the builders who will take this and pocket it . A lot of FTB will be excluded because of a lack of approval re their mortgage
combat14 wrote: » at least if they extended the scheme till summer 2021 it would make more sense taking out august (summer) and December (xmas) it really leaves FTBs little time to get everything in order
Cyrus wrote: » but there isnt 950,000 if 300,000 are civil servants, and havent the banks said they rowed back on the no mortgages if on state support schemes?
Greyian wrote: » The 950,000 doesn't include civil servants. It is made up of 220,000 unemployed people, 313,800 on the PUP and 415,000 on the TWSS. Pre-Covid, we had ~119,000 unemployed people (source: CSO), with no-one on PUP or TWSS. Close to 1 in every 3 people who were working away ordinarily in February 2020 are now in a position where they won't qualify for a mortgage currently. It is worth nothing though, that the 220,000 people mentioned as unemployed in the RTE article doesn't match with the CSO figure for June 2020, so there is some kind of discrepancy there.
Cyrus wrote: » apologies i assume when he said dependent on the state for their income he included civil servants.anyway the banks have removed the blanket ban on mortgages for those in receipt of state support.
Greyian wrote: » They are no longer ignoring all applications, but that doesn't mean they are approving them. And where they are approving applications, you can be sure that the vast, vast, vast majority would still be declined at drawdown if they are on the TWSS.
Computer Science Student wrote: » Has anyone noticed it is almost impossible to get a viewing nowadays? I get that it is a little less convenient to arrange viewings when it has to be one at a time, but it is almost like they don't want us to view some of these properties. Emails going unanswered left right and center. I find it bizarre to not give someone that is showing interest your attention when are you are talking about selling a 200k+ asset.
Cyrus wrote: » but there isnt 950,000 if 300,000 are civil servants, and havent the banks said they rowed back on the no mortgages if on state support schemes?https://www.rte.ie/news/business/2020/0701/1150842-covid-aib-mortgage/
Assetbacked wrote: » In the US they have a 20% deposit rule for mortgages. We are very much aligned with the US in terms of property as the crash after 2008 showed but also as you see with our policy to get the US PE investors into the real estate market. Today US mortgage rates have hit a record lowhttps://www.google.com/amp/s/www.cnbc.com/amp/2020/07/24/mortgage-rates-just-hit-another-record-low.html Dead cat bounce/eye of the storm.
combat14 wrote: » 3rd building site closed In dublin.. how will we get schools and the economy going at this rate...
Wanderer78 wrote: » Surely this significant drop in new mortgages, could severally destabilise the financial sector? I was only thinking this lately, my gut is telling me this is the main reason for keeping rates high, as the banks are slowly losing confidence
cubatahavana wrote: » It is really difficult to organize more than 4-6 viewings per week, and that's only if you're lucky and have mortgage approval in place. Saw a couple of houses this week that were in disastrous state inside and still asking for nearly 700k with ratings lower than D both of them. How do they think they'll sell when new builds with similar sqm and MUCH better rating are selling for at least 50k less in the area and with, is beyond my comprehension. I'm 99% sure I'll be getting a new build. 10 years structural insurance, very good rating and no smell of piss inside
JJJackal wrote: » Lots of old builds have bigger gardens, off street parking, in Dublin they can be Georgian or Edwardian or some fancy old red brick. Plus the area the older house is in. Often less neighbours. Established neighbourhood etc
cubatahavana wrote: » I understand, but some of these homes carry a renovation cost of 100k on top of the price. I guess it's not for me if I can buy a much more energy efficient home for less money. I don't care too much about the garden size. I understand that that's just my opinion
Sinn Féin housing spokesperson Eoin Ó Broin told Newstalk that prices of some properties jumped €10,000 overnight after the announcement. “We know that Help-to-Buy inflates property prices and developers simply pocket the extra money,” he said. “Therefore, first-time buyers don’t get any benefit from these schemes whatsoever. In fact, all it serves to do is push up the price, make it more expensive to get on the property ladder and it is a terrible waste of taxpayers’ money.”
