And young couple on less income also have to rent & try save deposits for a mortgage. so why should the rules be changed for your age bracket?We are aware of the age issue and the normal deposit rules which makes the matter more urgent.
I am sure there are tens of thousands in the same boat as us.
Regards the 20% deposit that rule can be broken by banks in up to 10% of cases to the best of my knowledge.
The sad fact is that all the people in similar circumstances as us will become a huge burden on the state and social welfare if we can not get mortgages.
The rules need to be changed for people in our age bracket to take account of the fact they won't have more dependents (kids long grown up) have far less other expenses and can pay a much higher percentage if income on repayments.
The reality is that unless the state do in 15/20 years time thousands of people like us will need state housing unless the state plan on having OAPs sleeping rough.
And young couple on less income also have to rent & try save deposits for a mortgage. so why should the rules be changed for your age bracket?
Either you fit the criteria for a mortgage or you continue to rent. If you can afford the rent comfortably in south Dublin then your a long way off the breadline, having gone through bankruptency. Also in years to come id hope your children would offer you shelter before the option of sleeping rough
No, deposits are intended to protect banks.Large deposits for all owner occupiers make no sense and only are for the benefit of the wealthy.
No, deposits are intended to protect banks.
They provide a buffer in the event that a bank needs to realise their security interest following a borrower default. They also ensure that a borrower has significant "skin in the game" and will be motivated to make the agreed repayments.
What may be affordable today for a borrower, may not be affordable tomorrow. A borrower's circumstances can change quite dramatically, as you know from your own experiences.
I think you need to be realistic about the likelihood of obtaining a mortgage - from a lender's perspective you would be a very high risk prospect. It's really not the end of the world if you can't secure a mortgage - there are plenty of retirees that rent, rather than own, their homes.
The bankruptcy is a red herring. Two things are needed:
1) A 20% deposit.
2) The capability to redeem a mortgage by the age of 68.
If banks do allow the 90% exception for deposit, am I right in saying, with the 3.5 ratio, you need an income of circa €105,000 to meet mortgage criteria?
I'm confused why you think there is simple binary choice here - secure a mortgage or rely on the State to provide your housing in retirement.
Why wouldn't you simply rent privately in retirement? That's what lots of people do.
If you have a high earning capacity why not simply save a sufficient sum to discharge your living expenses in retirement? The State even provides a tax efficient vehicle for retirement savings.
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