The ask Bandage about mortgages thread

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And no way am I goimg to make the same mistake as last time. I played it too safe. If we are going to have to pay for everyone else debt at the end of it all then I’m going to party harder and faster, get more bang for my buck.

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22

Ah for jaysus sake would ye stop. You wouldn’t get a house within 50 miles of Dublin for 220,000 and what young couple starting off would have saved 44,000. Time people had a bit of cop on and stopped letting fear of a bubble get in the way of a properly functioning economy.

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Increase supply then, not demand.

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24

Bubbles increase supply. Noonenomics.

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Just make sure you’ve enough debt that it’s the banks problem not yours

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26

How in the name of Jaysus can you increase supply if the Central Bank won’t let the people who want to buy houses by them.

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Are you Johnny Ronan in real life?

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The central bank wasn’t stopping people who wanted to buy houses from buying them it was stopping people who wanted to buy houses they couldn’t afford from buying them.
We need a supply of affordable housing, not council housing now, affordable housing. The state should be focusing on that by making it cheaper for builders if that’s absolutely nessecary, sunsidising it or building it themselves.
A practical first step would be stripping zoned land from developers who can’t or won’t use it and giving it to those who will and allowing fast tracked planning in areas in serious need of housing (aka Dublin). That doesn’t mean just fuck houses up either, just a quicker turnaround in planning applications.
The state should also use Nama to develop projects themselves for breakeven or a small return.
The state should also build a large amount of apartments for rental on controlled leases in the city centre to take the sting out of the rental market and allow people save up for the deposits that they need.
In short it is not up to the central bank to allow people buy houses, it’s up to them to keep our banks solvent and prevent the crisis from happening all over again. If that means very stringent regulation on banks then so be it.

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29

I’d love to know the breakdown of jobs created since 2011. How many of them were in or in or around a 30 to 40km radius of Dublin

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62% within a thirty km radius
68% within a 40 km radius.

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31

So most of your solutions involve the State shouldering the cost of housing people, rather than let people who are willing to pay for their own housing pay it. Of the other two solutions one would require a referendum and the other, fast track planning has already been brought forward.

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32

Without adressing supply then everyone who can afford a house can’t buy one. Just the most wealthy cohort of those who can afford one. They in turn have probably paid over the odds for the property as they have been in a bidding war.

Needs a dressing at both sides
I think removing the 220 k cap for FTB is reasonable enough once the loan to income ratios are intact.

The loan to value ratio far less important to a bank anyways because it’s virtually impossible to repossess a property and sell it here

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A CPO would need a referendum?

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Yes.

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Disagree

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That’s your privilege. It’s a free country.

37

BOI variable rates are awful. The fixing for 1 year makes sense until you’re bouncing onto their terrible variable rates and have to endure the hassle and pain of switching again which isn’t easy.

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38

I wish @Fagan_ODowd and @glasagusban would expand on why they hold their views instead of trading one word / one sentence replies.

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I bet you do.

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40

Well that scenario is more of a runner if you are already with BOI. If switching then you’d fix for longer.