Taken from the Irish Examiner 24th March 2008
examiner.ie/irishexaminer/pa … qqqx=1.asp
And I thought the banks were telling us they werer being prudent all along and stress testing borrowers … seems they negelected to test for property price declines.
Blue Horseshoe
Ah but that’s because Ireland is different
Property only goes up,
If the banks just close their eyes then in a few weeks they will wake up and the market will return to normal
What do you mean normal? 1999 prices? 
cough… '96 (adjusted for inflation)
but interest-only 100% mortgages will be available for canny mcsavvy so the prices will never fall back to 2001 levels [C Mc S]
I read that 100% mortgages are no longer available (not even for those in the public sector). About time IMO - 100% mortgage = recipe for disaster & only makes people lazy.
Very significant development this IMHO. The less money for FTBs, the less there is to prop up the rest of the pyramid. There’s also a feedback loop - bank lends less for fear of negative equity, prices fall to reflect this, bank in turn lends less again, and so on.
Tom? Thoughts?
Didn’t think so.
-Rd
mortgagebrokers.ie/blog/inde … h-a-break/
i did an article similar to this just a week before this one! the link above is to one on first time buyers and how they are taking away
100% mortgages etc.
My Polish friends went to one of Irish banks, and they were offered 100% LTV IO mortage for 5x joint income. Most shocking aspect was, that in their opinion it was impossible to meet monthly repayments, as after adding childcare, food, transport costs they would have to pay more than net income. It happend today…
This is evidence that the credit crunch is beginning to makes itself felt. Six months ago and these people would have been able to borrow 8 times. If this trend continues some Irish banks will be in danger of lending prudently.
God forbid 
.
Two years ago banks were reluctant to give immigrant LASER cards.
What?
March 26 2008?
There are 4 lenders still offering 100% mortgages at the moment (we’re in the middle of the process) and Permanent TSB are stopping as of Monday evening.
So, I take it that they refused the loan offer. It is nice to see that some have their priorities in the right place. The bankers were able to lend out 8 or 9 times income because they could find enough punters who could become focused on paying back the mortgage than having the expense of children. If the Poles bring this sort of thinking into Ireland, then we will have a future 