Tag Archives: mortgage

This morning.

Via Irish Times:

In the article “Rent Trap” (Weekend, October 23rd) “Amet” lamented that he was unable to save a sufficient sum to purchase a house in south Dublin, notwithstanding that he and his wife had a joint income of €175,000 a year.

He offered Finland as a country of similar size – presuming that population is the construct in question – as building 40,000 units a year. This effective housing policy has meant that here, a two-bedroom apartment bought 15 years ago in a town comparable to Castlebar was sold this year for the same price it was bought for – €43,000.

Thus, a single person on minimum wage can purchase such a dwelling as repayments on a €40,000 loan over 20 years will amount to €190 a month at present rates of interest charged by Finnish banks.

If one does not wish to live in the Finnish equivalent of Castlebar, then something similar in the capital region of Helsinki will set you back between €150,000 – 10 minutes from the centre by train – to €300,000, 10 minutes by tram.

Repayments on a 90 per cent loan then move to €630 and €1,260 respectively.

David Fitzgerald,

Kiuruvesi, Finland.

Irish Times Letters

Alamy Stock

This morning.

The Irish Times reports:

First-time buyers need to be earning nearly €100,000 a year to secure a mortgage for a new home in Dublin, a report by KBC Bank has indicated.

“The study found that the price of new homes purchased by first-time buyers has “virtually doubled” from about €200,000 to €380,000 since 2012. This has eroded affordability for first-time buyers, it said.

“A first-time buyer or a dual-income first-buyer household availing of a 90 per cent loan-to-mortgage would typically need an income of €98,000 to qualify, the report noted.”

First-time buyers need incomes of €100,000 to buy new homes in Dublin (Eoin Burke-Kennedy, The Irish Times)


At Home with Pamela Flood, Irish Times, December 30, 2017

The couple initially agreed to leave the property by last Tuesday, but have now vowed to stay at their home

Speaking to the ‘Sunday Independent’, Ms Flood said she and her husband have done nothing wrong.

“Missing mortgage payments is not doing something wrong. If you miss them genuinely because you can’t make the mortgage payment, that is not something wrong.

“It’s not immoral, it’s not even illegal, it’s just missing mortgage payments,” she said.

‘Missing payments is not immoral’: ex-Miss Ireland Pamela Flood vows to stay in home (Independent.ie)

At home with Pamela Flood: ‘I am a total hoarder’ (Irish Times, Dec 30, 2017)

Leo Varadkar with his mother Miriam and father Ashok Varadkar

“It has always been the case that a person needs to raise a deposit to buy a house. People do it in many different ways. Sometimes people go abroad for a period and earn money. Others get money from their parents. Lots of us did.”

Taoiseach Leo Varadkar speaking in the Dáil yesterday

‘Orphan Annie’ writes:

While the Taoiseach promotes getting the deposit from Mummy and Daddy, did he he himself avail of reckless first time borrowing facilities?

According to this Property Pin thread from 2009, Leo apparently mentioned during an Oireachtas Committee hearing [unable to find it online] that in 2002 he took out a 100% mortgage for, er, himself.  Good times, eh?


Leo’s mortgage mantra: emigrate, move home or borrow from parents (independent.ie)

Earlier: A Limerick A Day

Thanks Midsummer


Accountant Vanessa Foran (her off the telly) writes:

It was quite a surprise to read over my morning Limerick that our Taoiseach Leo V informed the Dail that he got help with his first mortgage from Mum & Dad.

There is nothing wrong with that, of course, yet when he was Dr Varadkar on duty as an opposition TD, he rolled about with all the glibness of his garish socks by telling us he was the owner of a “toxic asset” held with a 100% Mortgage and that it might qualify to be transferred to the new formed NAMA.

Oh such fun he had.

Family homes are not a joke nor is the current lack of residential accommodation, freehold or leasehold or by way of a simple rental agreement. Therefore I would strongly advise against relying on anything this Government announces or promises on housing, in any sector.

The Vacant Site Levy has been debunked, while they can sing the HAP song all they want, if there are no new HAP Landlords introducing more rental units, then there is nothing to spend all that HAP money on, unless we are ok with administration costs.

Please can someone in this current government actually get it right before we start to see shanty sheds, Vans and tents outlining the M50.

See ye tomorrow.



A cautious twenty per cent down?

Hell no.

The Central Bank will offer some relief for first-time buyers under revised rules on mortgage lending. Prospective home-buyers will have to save bigger deposits under the regulations. Banks will only be able to lend up to a maximum of 80% of a property’s value for most owner-occupiers.
However, they will be able to lend up to 90% of the value of the home to first-time buyers up to a limit of €220,000.
This means that first-time buyers will need a 10% deposit for the first €220,000 of their property’s cost and 20% of whatever is above this limit.
For buy-to-let mortgages, the figure is 70%.

90% loans for first-time buyers under new rules (RTÉ)

(Photocall ireland)