Brendan Burgess
Founder
- Messages
- 52,301
I think that would require a level of planning, cohesiveness and competence beyond anything which any Bank has demonstrated in my lifetime.Sometimes I wonder if the banks do these things deliberately. They divert the Government and opposition down a non-issue rabbit hole. This takes the focus away from where it should be – the many real issues for which we should be criticising the lenders.
Sometimes I wonder if the banks do these things deliberately.
If they repay the extra money over the next 12-24 months then it will only cost them hundreds, or less.I am paying my mortgage in full and I have zero issue with anyone getting a payment break without the possibility of thousands being added onto their interest bill if they have been genuinely impacted by this virus.
I thought that was just prudent.disqualifying anyone with TWSS from drawing down a mortgage
I think that is broadly right. My own figures would go as follows. Let's say €1,000 per month holiday for 3 months and then paid back over 2 years. Assuming mortgage rate is 2.5% I work that out at about €75 extra interest. It would be very messy indeed to isolate this €75 from the overall interest charged over 2 years which would be about €15,000.If they repay the extra money over the next 12-24 months then it will only cost them hundreds, or less.
The interest on €100,000 is around €160 a month over 25 years. Charging interest on the payment holiday means they accrue interest on that €160 per €100,000. That means on a €250,000 mortgage the interest accrues on €400 per month. No repayments for 3 months means that there's additional interest on €1200. That amounts to tens of Euro if it is repaid over a 24 month period.
As there's a single European Market why can't I get a 2% mortgage in Holland or Germany for a house in Ireland?
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?