Forum

Home » Forum
by eoincregan Thursday, October 9, 2014

Mortgage Changes 2015

Login to comment!

eoincregan
by eoincregan 9th October 2014

I hear a legislation of sorts is coming in requiring house payers to have 20% of the house price next year? That will make things tough for a lot of people, but I guess at the same time it might make people think twice about silly purchases?

eoin_callanan
by eoin_callanan 9th October 2014

The problem is that it won't do anything to curb the current price hikes. We keep hearing that its cash buyers and investors who are driving prices up, not first time buyers,who are going to be the ones punished by this. 

People will also end up borrowing money from parents etc, which means that the more well off will benefit. 

Its also going to cause a flurry of people rushing to get mortgages in before the end of the year, driving prices up even further. 

 

karen.pugh
by karen.pugh 9th October 2014

was your house a silly purchase though? of course not. Its punishing first time buyers who don't have silly money anyway (or nobody I know who is a FTB does anyway).

Its a disaster and only someone already comfortable in their house or who can ask parents for that kind of money seem to think its a good idea from what I can tell or landlords.

sickening

ivanvarian
by ivanvarian 9th October 2014

was your house a silly purchase though? of course not. Its punishing first time buyers who don't have silly money anyway (or nobody I know who is a FTB does anyway).

Its a disaster and only someone already comfortable in their house or who can ask parents for that kind of money seem to think its a good idea from what I can tell or landlords.

sickening

Was my house a silly purchase?????? Well considering I now owe an extra 200k and have absolutely fuck all to show for it I would say yes! And I don't think I'm alone in being someone in negative equity.

karen.pugh
by karen.pugh 9th October 2014

different times now though Ivan. of course negative equity a shit buzz but I honestly don't know anyone who is planning/trying to buy who are just throwing money around, saying that not too many of my pals have rich parents that they're admitting to and are saying they're fucked if this is introduced. 

Would having another 10% have affected your circumstances? probably not. youd still be in negative equity but by less yeah?

so is that the answer, because a load of people are in negative equity (who I have the great sympathy for) that they should now make it near on impossible now to buy a house for the average joe soap out there.

landlords in Dublin in particular must be rubbing their hands with delight at the potential of first time buyers being locked out of the market and having to rent.

they should be making it prohibitive for investors not people looking to buy a home to cool the market.

karen.pugh
by karen.pugh 9th October 2014

ps that reads like I mean people who are in negative equiry have/had money to throw around which I don't. just meant that anyone I know is really cautious after what's happened in the past 6 years.

mcnults2
by mcnults2 9th October 2014

it's an unbelievably stupid move. Investors are a huge reason bend the house prices, as evidenced by a number of big 'institutional landlord' firms setting up over here. Investors get the same stamps duty relief as home buyers and huge capital gains discounts for buying property which while it might have been necessary to kick start the housing sector is certainly not required now. 

if they don't change those rules, prices are still gonna go up and I've not seen anything to indicate that they will.

First time buyers getting screwed here big time.

Stefano1981
by Stefano1981 10th October 2014

We're about 120k in negative equity but I view my house as a home, not an investment, so how much it is currently worth is irrelevant: we're not property tycoons trying to flip properties here, in fact, I can't see us ever selling up. If we'd not bought, we'd still be paying the same if not more to a landlord for a much smaller place that would be completely unsuitable for kids.

info
by info 10th October 2014

the principle is ok, but the practice is another thing. 

 

the key here is folks not panicing. the major problem is supply, get that sorted fast, and without resorting to shite planning [ almost impossible for both to happen, but lets be optimistic ] and prices will stabilise 

 

the other issue is time though. to get the developments moving, the planning, the finance, etc will take time, and if it doesnt it will lead to bad decisions being made 

 

am totally convinved though, this bubble at the mo we have, is really reasily deflated, but it might take 12-36 months to do so. 

Activity

View More

Loading...