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 Post subject: Re: Govt's New Affordable Mortgage Scheme
PostPosted: Wed Jan 24, 2018 11:38 am 
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Single Home Owner

Joined: Oct 29, 2014
Posts: 117
Dubhgeannain wrote:
Bubblecovery wrote:
So you have to get refused twice on a mortgage to qualify for this scheme?

Be right back - going down to AIB to put in spurious application for mortgage amount I have no hope to pay.


It's time to open that Paddy Power account and routinely top it up with your credit card. You don't need to gamble it. Just let your account balance build up. Oh and wear an Irish Racing T-shirt to your mortgage interview :D


You have to do a credit check with the councils too so that wont work for me.

Maybe I can ask to pay my deposit in dogecoin. Joking aside, I will be speaking to some people who work in banks at the weekend.


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 Post subject: Re: Govt's New Affordable Mortgage Scheme
PostPosted: Wed Jan 24, 2018 12:08 pm 
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Holiday Home Owner

Joined: Jun 28, 2010
Posts: 331
the focus on people currently renting as eligible clients is somewhat misguided. If that was the target cohort they should have added a proviso that applicants have to show their current joint rental lease to avail of a mortgage. As an example, my sister still has her 31 y/o daughter living with her - she has a two year old child and her fiance also still lives at home with his mammy- they split their time between both houses and get free childcare - as a couple they meet the eligibility criteria of the scheme as announced. Their respective parents will be delighted to get rid of them - but there will be no rental property released back to the market.


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 Post subject: Re: Govt's New Affordable Mortgage Scheme
PostPosted: Wed Jan 24, 2018 2:39 pm 
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Nationalised
User avatar

Joined: May 13, 2008
Posts: 11764
Location: Somewhere up in the hills
Luan wrote:
He also suggests a few other options {apart from getting a gift from your wealthy parents} :)

Yes that's a good point. He also suggested emigrating.


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 Post subject: Re: Govt's New Affordable Mortgage Scheme
PostPosted: Wed Jan 24, 2018 3:21 pm 
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Property Magnate

Joined: Mar 30, 2016
Posts: 694
Coles2 wrote:
Luan wrote:
He also suggests a few other options {apart from getting a gift from your wealthy parents} :)

Yes that's a good point. He also suggested emigrating.


he made the point that some people worked abroad for a few years in a low tax environment and shock horror saved their own money to buy their own house.

youd prefer if they just stayed here and the state provided it gratis?


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 Post subject: Re: Govt's New Affordable Mortgage Scheme
PostPosted: Wed Jan 24, 2018 3:26 pm 
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Too Big to Fail

Joined: Aug 8, 2008
Posts: 3635
Location: Cathair na dTreabh
cyrusir wrote:
he made the point that some people worked abroad for a few years in a low tax environment and shock horror saved their own money to buy their own house.
youd prefer if they just stayed here and the state provided it gratis?

Do you not think it is odd for our dear leader to tell folk to leave the country to gather funds? What does that say about our cost of living, housing costs, raising kids to emigrate etc. His job is to solve the above not tell folk to leave


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 Post subject: Re: Govt's New Affordable Mortgage Scheme
PostPosted: Wed Jan 24, 2018 3:31 pm 
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Too Big to Fail

Joined: Aug 8, 2008
Posts: 3635
Location: Cathair na dTreabh
WaterfordWhispers wrote:
Bank Of Mum And Dad Apply For Government Bailout
The Bank Of Mum And Dad have pleaded with the government to offer them the same bailout deals that every other bank in the country received during the financial crisis, in a bid to continue issuing loans to their children to help them get on the property ladder.
Several representatives for the BMD explained that just like every other bank they were hit hard by the financial crisis in 2008, and simply don’t have enough shares to be able to give their children the €70,000-€80,000 needed to secure the deposit on a mortgage.

:D :D


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 Post subject: Re: Govt's New Affordable Mortgage Scheme
PostPosted: Wed Jan 24, 2018 3:45 pm 
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Holiday Home Owner

Joined: Sep 9, 2017
Posts: 336
temene wrote:
Do you not think it is odd for our dear leader to tell folk to leave the country to gather funds? What does that say about our cost of living, housing costs, raising kids to emigrate etc. His job is to solve the above not tell folk to leave

He shows his true colours. On a very serious note there is a big increase in Elder abuse going on while capital is so tied up in Property, and it's liable to get worse. Old people maybe into their 80s or 90s are sitting ducks for this really and there are desperate cash hungry 30/40 maybe even 50 year olds who eye up the big house or savings pile, dripping with greed. The Government HSE is useless to tackle this by the way, as are the Gardai so it is amazingly common down the country. Maybe we would be better served if Leo's public service was spent looking into the effectiveness of his Elder Abuse legislation and law enforcement to protect the old, rather than dole out smug lectures on how dysfunctional the housing market has become since we 'changed' government.

_________________
“....the power to dream, to rule, to wrestle the earth from fools”


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 Post subject: Re: Govt's New Affordable Mortgage Scheme
PostPosted: Wed Jan 24, 2018 3:54 pm 
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Property Magnate

Joined: Mar 30, 2016
Posts: 694
temene wrote:
cyrusir wrote:
he made the point that some people worked abroad for a few years in a low tax environment and shock horror saved their own money to buy their own house.
youd prefer if they just stayed here and the state provided it gratis?

Do you not think it is odd for our dear leader to tell folk to leave the country to gather funds? What does that say about our cost of living, housing costs, raising kids to emigrate etc. His job is to solve the above not tell folk to leave


he didnt tell people to leave the country, he just said thats what some people do

god forbid anyone would take responsibility for themselves


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 Post subject: Re: Govt's New Affordable Mortgage Scheme
PostPosted: Wed Jan 24, 2018 4:27 pm 
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Too Big to Fail

Joined: Aug 8, 2008
Posts: 3635
Location: Cathair na dTreabh
Leo: I got me a 100% mortgage. My parents did not help me
"As it happens, I didn’t get any help with my deposit when I bought my home. I didn’t need it as I got a 40-year 100% mortgage from the bank. Of course, I was delighted at the time.
But it was bad policy, all that did was drive up house prices more and more and saddle young people with debt and negative equity."

"I am somebody that has a tracker mortgage and in many ways it has been a God-send."


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 Post subject: Re: Govt's New Affordable Mortgage Scheme
PostPosted: Wed Jan 24, 2018 5:25 pm 
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Property Magnate

Joined: Oct 12, 2014
Posts: 632
Location: Dublin
I'm late to the party here, a bit like the Irish Government, ...but I hear there's below market rate mortgages going for above market risk applicants?? Tell me more...
:-GC

Surely to reduce the government's exposure to these poorly thought out offers, they should open the offer to everyone - even those of us on market rate mortgages, who meet the usual bank acceptance criteria?
We all get lower mortgage rates, and the Government gets risk diversification.
AND the banks get a kick in the nads?

The only, albeit enormous, issue would be that at 2% rates, it'd probably drive the market prices higher!


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