Brendan Burgess
Founder
- Messages
- 52,279
They seem to be prepared to cut their losses to get the hell out of Ireland as soon as they can. As a mortgage customer of theirs though, the fact that they are writing off mortgages for some, seems to raise the whole issue of moral hazard. At the moment, despite a 20% pay cut and increased taxes, I can still service my mortgage thank God. However, things are certainly a lot tighter each month than I expected they would be when I first drew the mortgage down. I am also in a serious negative equity situation and it's safe to say I would be better off had I not bought my house at all. Why should I continue to pay my mortgage each month when others are getting large chunks written off for them? You would wonder whether you'd be better off stopping payments for a few months and trying to negotiate something? I'm not seriously advocating this as an approach and I am thankful that I am still in a job etc. but I must say it is a bit frustrating to see buy to let investors, who bought on the basis of making a quick buck, getting bailed out. Does anyone else agree with me on this moral hazard issue?
They seem to be prepared to cut their losses to get the hell out of Ireland as soon as they can. As a mortgage customer of theirs though, the fact that they are writing off mortgages for some, seems to raise the whole issue of moral hazard. At the moment, despite a 20% pay cut and increased taxes, I can still service my mortgage thank God. However, things are certainly a lot tighter each month than I expected they would be when I first drew the mortgage down. I am also in a serious negative equity situation and it's safe to say I would be better off had I not bought my house at all. Why should I continue to pay my mortgage each month when others are getting large chunks written off for them? You would wonder whether you'd be better off stopping payments for a few months and trying to negotiate something? I'm not seriously advocating this as an approach and I am thankful that I am still in a job etc. but I must say it is a bit frustrating to see buy to let investors, who bought on the basis of making a quick buck, getting bailed out. Does anyone else agree with me on this moral hazard issue?
.....but I must say it is a bit frustrating to see buy to let investors, who bought on the basis of making a quick buck, getting bailed out.
Manns,From RTE RTÉ understands that in exceptional cases the lender is now writing off part of the capital owed by buy-to-let borrowers who clearly cannot repay loans. In these cases borrowers frequently have multiple buy-to-let properties in negative equity.
Has anyone had any communications with BOSI on this as yet?
I'm planning on making contact with them about a residential tracker mortgage
Cheers
I have a residential mortgage with BOSI and have agreed interest only for the term of the mortgage. I am now planning to contact them about doing a deal so if anyone has any suggestions please let me know.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?