Not going back to the promised land??
I don’t disagree with any of that. What’s your issue? You were critical of the tax situation which cause landlords not to make profit. Boohoo. Now it’s a problem that they’re paying off mortgages on property in negative equity, again, so what? (This is a different issue but the law should have been changed in 2012 to allow people return the security/house keys on a mortgage and walk away, let the bank take the hit, but the government sided with he banks on that one.) I’m not happy about that but it’s hardly a massive injustice. Where is the vulture landlords picture portrayed? Every report I’ve come across presents a market based problem. You’re talking horseshit.
I don’t disagree with you. Good for them. What’s to get over?
Is that outside of the new Central Bank rules Michael? 10% on the first €220,000 and then 20% on the excess. I’ll be disturbed if it is.
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yeah
ulster bank may have said to me or someone else “u can come in here with 100k in a bag but we’re only giving you 3.5 times your salary”
BOI on one of their mortgage open days on a saturday on the other hand…
Revenue have a lot of new powers these days in terms of access to PRTB and utilities databases and bank accounts.
Revenue are also the fastest growing government department and set up hit squads for different sectors in Irish society. They propmoted people and paid for extra training. They have already said they are coming for the people who have properties rented out and aren’t declaring.
beware @tazdedub
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Ah brian brian. The are exceptions where the banks can avoid giving the 20%. Also as was pointed out to me they will base the mortgage on the information you supply at the time.
I will be all above board. Already have the mes apartment rented out for the last 10 years so well aware of the revenue.
Bumping this…
Currently looking at a mortgage. What’s the best way to go? Fixed or Variable? 25 years? 35 years? Any pearls of wisdom from @tazdedub and co.
The interest rate is the main thing. My understanding is BOI are higher interest rate than AIB for example and in the long run at moment BOI are a worse deal, despite them offering incentive of 2% of your deposit back straight away as cash back.
Someone said try to get a forth nightly mortgage repayment deal, meaning you’d pay back 13mths a year rather than 12mths. You want to eat into the repayments as quick and hard as possible is my understanding.
I’d probably say variable over fixed because interest are likely to come down over next year. The government announced some review or other for next summer with banks with the view of reducing rates. European rates are very low, if you could get in with a European bank it could be the best option?
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Depends what the rates are on fixed on variable?
Probably at the moment Variable is the way to go unless the rates that going up again and then look at fixed. But as @Smark says try get in with a European bank. The banks here are fleecing everybody on Fixed rate or Variable to cover their losses on Trackers. The ECB interest rate at the moment is 0.05% and the some Irish banks are charging between 3% and 4% interest on a fixed rate mortgage for 3 years and the same for variable. Probably best going to this site and put in your details and it will give ya an idea
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What “European bank” is offering mortgages to Irish people?
KBC Bank
They are offering the same shite rates as everyone else
I just answered your question. Others made the insinuation that they would be offering lower rates.
Sure any retail bank operating in Ireland is a European bank.
Yes but head office isn’t located here. Variable mortgage rates in KBC Belgium are around 2.5%.
That’s great if @ironmoth is going buying a house in Belgium.
Not much to the current query but I think the EU have recently made moves to allow the selling of mortgages across Europe.
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If you have a property that currently has an owner occupier mortgage but wish to purchase a new property to move into, does the mortgage rate on the original property move to the investment property rate or whats the process involved?