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22-01-2018, 21:16   #46
appledrop
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This is absolute madness. The most any couple is allowed earn is €75,000 + yet you can get up to €320,000. You also have to be refused by two banks. WTF? There is a reason people get refused mortgages + only part of it is due to their income not being high enough. Far more common reasons for people being refused is that they are not able to save a deposit + have large loans for cars etc. But while the rest of use try + be frugal they will be laughing all the way to the bank with their low interest rates. The maths just doesn't add up. Or if they do give it to people like this it won't be long before they default on mortgages + we will have to bail them out.
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22-01-2018, 21:27   #47
Browney7
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Jesus the more I think of this the more galling it is.

Only Labour left to vote for now lads.

This is going to get FG crucified imo it's an appallingly stupid and counterproductive move and a real kick in the teeth to anyone above these arbitrary limits who is paying current crazy rents without any assistance and trying to somehow scrape the money together to submit themselves through the cruel and unusual mortgage application process.

All for what, Tom Dick or Harry to cruise in and bang the bid up far beyond what we could hope to get backed by an inflationary scheme funded by the fúcking fat taxes we're still paying courtesy of the last fúcking shower to ride the arße out of an uncontrolled housing boom.

Might well be calling a govt TD over this, which is pathetic but Jesus I'm furious.
But rising property prices are great for the negative equity generation (who are fast approaching the exit door), people who bought in the last few years, people who bought investment properties/people with wealth tied up in property. They will get to say on doorsteps to people "look we are doing something and it's been good for your house price". Damned for actually trying to build a sustainable economy - we prefer to tie up wealth in the bricks and mortar around us and let the chips fall where they may
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22-01-2018, 21:29   #48
psinno
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This is absolute madness. The most any couple is allowed earn is €75,000 + yet you can get up to €320,000.
I think they will only give you up to 288K. The house can cost up to 320K. Granted that is still more than 3.5 times your max income.
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22-01-2018, 21:58   #49
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Granted that is still more than 3.5 times your max income.
They justify that by offering ultra low rates. To subprime lenders who have been turned away by the banks. Using taxpayers money.

It's mental. Just throwing taxpayers money away considering the default rates on the existing council loans.
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22-01-2018, 22:09   #50
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I qualify for this, we're earning 67k but I'm skeptical of this... Would have been glad to buy what I can afford. There was plenty of options in the greater Dublin area as well.

Now everything will probably just go up.
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22-01-2018, 22:13   #51
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So everyone is trying to figure out how to get refused for a mortgage.
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22-01-2018, 22:23   #52
Eric Cartman
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So everyone is trying to figure out how to get refused for a mortgage.
yeah, I'm kind of wondering how this works out. Like if you have a bad history with say paddy power, some late card payments and stuff , a traditional bank might only give you 75% at 3.5 times or 3 times salary or some such, would the government giving you more be grounds enough for it ?
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22-01-2018, 22:31   #53
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My husband and I earn about €63,000 between us and have approval for €224,000. Including our deposit our max budget is €255,000. Let's say we wanted a house costing €275,000/€300,000; previously we would have been ruled out...will this scheme enable us to borrow more? Using the calculator it says we could qualify for €288,000 so with a €32,000 deposit we'd be looking at houses for €320,000.

If so, we would surely need to prove that we can't find a house we like for our budget and prove that two banks won't lend us enough money. Surely we'd need all this in place before bidding on a house as a vendor won't take it off the market without proof of AIP. But in order to qualify for this scheme we'd need proof of having secured a house that two banks won't lend us enough for...catch 22??

Agree with all previous posters about people who've been rejected by banks not being suitable for huge loans and I feel this scheme is total bull and serves only to push house prices up. I suppose I'm trying to see any legitimate good in it?!
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22-01-2018, 22:31   #54
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From reading the website, you don't have to be refused, just receive "insufficient offers".

Just tell the bank you earn 40k and would like to borrow 200k. When they finish laughing, ask them to write down what they will offer you and there's one of your insufficient offers.

The banks are going to be inundated with people who are hoping to be turned down for the amount they are requesting, it's all a bit mad. I wonder if they were consulted as part of this?
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22-01-2018, 22:38   #55
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Will this announcement see a reduction in the banks' current mortgage rates?
Or will they be happy to ignore given that they wouldn't have been getting that business anyway?
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22-01-2018, 22:43   #56
Stheno
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My husband and I earn about €63,000 between us and have approval for €224,000. Including our deposit our max budget is €255,000. Let's say we wanted a house costing €275,000/€300,000; previously we would have been ruled out...will this scheme enable us to borrow more? Using the calculator it says we could qualify for €288,000 so with a €32,000 deposit we'd be looking at houses for €320,000.

If so, we would surely need to prove that we can't find a house we like for our budget and prove that two banks won't lend us enough money. Surely we'd need all this in place before bidding on a house as a vendor won't take it off the market without proof of AIP. But in order to qualify for this scheme we'd need proof of having secured a house that two banks won't lend us enough for...catch 22??

Agree with all previous posters about people who've been rejected by banks not being suitable for huge loans and I feel this scheme is total bull and serves only to push house prices up. I suppose I'm trying to see any legitimate good in it?!
You have approval already for the amount you posted so don't qualify for this surely?
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22-01-2018, 22:44   #57
hmmm
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You have approval already for the amount you posted so don't qualify for this surely?
Not for a house costing 256k they don't. Insufficient finance offer right there, I know what I'd be doing.

Besides their 255k house is no more, it's 300k as of today.
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22-01-2018, 22:45   #58
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Another benefit of the proposed scheme is that people won't need a permanent contract and people who have been working in a job for years, without a permanent contract, will now be allowed to buy! I think it's a much fairer deal than the banks.

The government have finally decided to help people who, for example, are living with relatives, saving and have a deposit but are turned down by the banks due to their ridiculous stress testing and the massive amount they want people to have after paying mortgage. Don't these people, who are working hard, going without any kind of luxuries, deserve a break?!

In my view a house is a basic need. Someone being taxed 10,000 per year who can't get a mortgage, don't they deserve help?!!! It's a lot of tax to take from a family without having anything to show for it!
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22-01-2018, 22:49   #59
hmmm
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Don't these people, who are working hard, going without any kind of luxuries, deserve a break?!

In my view a house is a basic need. Someone being taxed 10,000 per year who can't get a mortgage, don't they deserve help?!!! It's a lot of tax to take from a family without having anything to show for it!
This 200 million has added not one extra house to supply.

Instead it allows people to outbid others. All it does is drive up the price of houses. It offers no "help" except to allow people borrow more, and outspend someone else, and the money will disappear into the pockets of sellers while everyone has to borrow more.
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22-01-2018, 22:53   #60
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every 3 bed semi within 1 hour of the m50 just became 320k
Mission accomplished for FG so.
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