El_Dangeroso wrote: » Exciting indeed, we are all so sad!:D Is there a link to a live stream?
It’s time to write off mortgage arrears - Schoenmaker... Dirk Schoenmaker, dean of the Duisenberg School of Finance in the Netherlands, also said Ireland needs to introduce a loan-to-value (LTV) ratio of 80 per cent for residential mortgages if we are to avoid another property boom and bust. Such a move was proposed by the Central Bank of Ireland late last year.
Deleted User wrote: » @IndoBusiness on Twitter is quoting Honohan as saying there would be news 'within days'.
According to RTE: "There's been resistance from different sources. We are trying to see what can we do to achieve the goals of what we set out, are there any elements that need to be re-looked at?" Honohan told reporters. "The final decision will be taken on this in the coming days and I wouldn't like to anticipate that, I'm not the only decision maker. I'm hoping my views will actually prevail, I'm sure they will probably."
gaius c wrote: » Either way, it's terribly exciting, isn't it!
stevedublin wrote: » This is so exciting, I simply can't wait! People who are renting will NEVER be able to buy after this! That's just great, isn't it? :rolleyes:
Sala wrote: » Lucy remember you deposit is relative to the price of the house. If house prices keep going up at 20+% a year you'd still be 1000s off a 10% deposit and never catch up. If prices come down, you'll still have to save but not double what you have
Lucy B wrote: » We were only few k away from our deposit!!!!! Going mad. We really are. And like I've said before it wasn't a huge mortgage we were after. Saving for another 10% sucks. We'll be grey haired and have teenage kids and then bloody banks won't give us mortgage because we will be too old!!!!!!!! Argh!!!
kreuzberg09 wrote: » Yeah Lucy, why not keep repeating the same stupid mistakes of the past that resulted in the country going bankrupt and the prudent bailout the profligate once more, keep on throwing more credit on the fire, what can possibly go wrong.
[Deleted User] wrote: » I see the DoFinance have told the IMF conference in Dublin that the proposals are 'socially unacceptable'. Buuuut...Honohan seems fairly sure that something very like the original proposal will prevail.
Kinet1c wrote: » If it's taking you a long time to get 10% for a small mortgage then you should reevaluate either your monthly savings amount or the property you're looking to buy.
kippy wrote: » There are a lot of people here hammering others for wanting to own their own home. Now while I can appreciate there is genuine concern that there are people out there who MAY over extend themselves to own their own home there is also the very real situation, right now, of rents going up significantly in all the cities, cities where the majority of jobs are. In an environment where rents continue to rise at a crazy rate and mortgages are getting more difficult to get, it's is only expected that people would want to purchase a house sooner rather than later and it may make perfect financial sense to do so, depending on numerous variables, very few of which are obvious through internet posts.
kceire wrote: » Maybe they are paying rent on top of saving ?
Lucy B wrote: » Yes we are. And saving. And living. It's manageable but frustrating as our mortgage repayment will be the same as our rent payments, we are well able to afford the mortgage, just the thought of getting another 10% is depressing. We'll do it, but would rather it be done now with our 10% deposit. As a previous poster pointed out that we are the problem, think he mentioned something about throwing credit around and ithat we haven't learned anything etc etc, I disagree, we are not the problem. I'm not in debt up to my eyes, I'm not silly with money, pay everything on time, I didn't take out a couple of mortgages during "the good times", we are simply looking to buy now, and am a bit fed up at the timing of the whole thing!! Just as we are ready to apply......sorry lads, there's been a rule change! I understand it means borrowing less but it's a bitter pill to swallow for me. And I actually do agree with the LTI limits. That makes sense. If we had borrowed at 4.5 times income our mortgage repayments would be much higher, I'd rather a smaller house and more cash in my account.
mr_seer wrote: » I think you are missing the point Kippy. Most people very much want to own a home and indeed it is a very admirable aspiration. The issue is that Michael Noonan and the rest of the government have done their level best to inflate house prices since 2011. They have done everything possible to strangle supply and stimulate demand and this is borne out by soaring rents and house prices in Dublin particularly. The CB is doing everything within its power/remit to contain this. Now the government needs to do its job - create the conditions whereby supply will come on. This should be a two pronged approach. Reduce building costs (numerous means in which this can be done) - this is the carrot - and tax the hell out of vacant land that is zoned or has planning permission - this is the stick. Noonan won't allow this because it threatens to undo all of his 'good' work in inflating the new property bubble. So in a nutshell the problem is not the CB or its sensible proposals, it is the government and its reckless policies
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