Softening house market?

Another international housing market under pressure because of rising interest rates

Used live out near Dangan in West side many years ago and like yourself cycle to parkmore industrial estate. Was in the peak of my fitness then and used get there in about 25 mins. Even the early mornings when there was torrential rain, I never felt as refreshed and ready for work as one of those cycles and a hot shower in work after it. It is not a good sign when potential buyers are dropping out as this is a decent location with bus services to town and they look good family houses. I think the overall sentiment is changing and at a more rapid pace in the last few months.

Try googling "mortgage top up ireland" - you might be surprised.

Out of curiosity do you know how the bank record your payment break on the CCR? Have you applied for any credit since then?

There was a lot of concern during the pandemic how people who furloughed and took payment breaks would be treated. I believe in most cases it didn't effect their ability to borrow but I wouldn't say it's a rule of thumb that has always existed.

Another lender is likely to query why you haven't made scheduled payments on an existing loan. It might have been a one off but other lenders may see it as a sign of financial pressure and steer clear.

Everything is treated as a new mortgage loan since 2008, theres no such thing as getting a new borrowing on an existing mortgage.

Well it won't strengthen your position when looking for credit I would have thought.

It seems from the CCR's own website it might not trigger an automatic flag on your record but there is sufficient information there for others to work out the balance hasn't changed.

Sounds to me like when times are good few will bat an eyelid but if lenders are getting worried such actions might be used against you.

Regarding the mortgage top up. Poster is technically correct in that you won't be able to top up on the existing account number however the bank would offer a side loan with a new credit agreement and new terms and conditions.

A side loan is a new loan and it will be looked at as stand alone and alot of banks will screw you on rates for anything less than 80k, standard apr rates.

80k is approx the minimum mortgage amount you can get from an Irish bank so tbh , your existing mortgage has nothing got to do with new business except maybe your payment history.

Again , when was the previous time?

All properties->03/10/22 to 09/10/22

All Dublin

64 Price changes

58 Decreases

6 Increases

Rest of Ireland

185 Price changes

148 Decreases

37 Increases

A payment break is not missing a scheduled payment. It is changing the schedule.

No impact on credit.

It has to be done up front, fill out the forms, phone the bank etc. I did it 4 months in advance, gave them a call in January and changed the payment over the summer. This isn't willy-nilly skipping payments and retrospectively telling them AFTERWARDS it was a break. That would definitely get your credit in a mess!

People sometimes make that payment schedule differently to the usual 12 payments. For example, I know people who are paid 13 times a year, every 4 weeks. Or consultants / contractors / sub teachers who take the summer off, and never have a summer payment. They compress the repayments in 9 months. You aren't paying less in total, it's changing the schedule.

Long time lurker on this thread. Bought a house 2 years ago in Dublin at max/inflated price. Fail to see how house prices dont correct a lot in the face of ECB rate hikes. Yes there are supply issues but cost of credit/cost of living will create more downward pressure than the upward pressure of supply/cost of building by quite a bit. Many variables in play but no way it's possible prices keep rising.

Yes there is I did it just this year on a tracker mortgage

There is a house on myhome that is dropping all the time, but it is not showing up that its dropping (not sure how they can get around it on myhome) but for sure its going down almost weekly 5k since i started keeping an eye on it. Just worth noting that drops might not be showing up how you would expect.