Of course they won't stay unchanged, on average they will get better!People taking out mortgages assume that their current personal circumstances will remain unchanged and that the economic environment will remain unchanged. They won't, so it's right to have lending limits.
Of course they won't stay unchanged, on average they will get better!
No but prices were vastly overvalued going in and there was a global recession with a much nastier local effect.And, on average, no one was in arrears during the financial crash.
We are dealing with a system where some people will suffer a big change in circumstances, and the mortgage measures mitigates the extent of the damage done to them.
Correct.
And, on average, no one was in arrears during the financial crash.
But we are not dealing with averages. We are dealing with a system where some people will suffer a big change in circumstances, and the mortgage measures mitigates the extent of the damage done to them.
Brendan
Not anymore. From: https://www.irishexaminer.com/news/...led Characteristics of,in 2019, the CSO found.Most people take out mortgages in their late 20s early 30s, but your income generally peaks late 40s to 50.
The median age for a sole purchaser increased from 34 years in 2010 to 42 in 2019, the CSO found.
For joint purchasers, the median age rose three years, from 35 to 38.
There are people paying over €2k in rent being refused mortgages that would cost them hundreds of euro less every single month because of LTI limits.
I meant specifically first time mortgages.Not anymore.
And lots of people got new houses.on average, no one was in arrears during the financial crash.
Perhaps there's a middle route that would see a slight loosening of the limits without venturing into the territory of reckless lending/borrowing?I fully agree it's a problem. But reckless lending to reckless borrowers will only make the problem worse.
Basic economic law of supply and demand says it will. If builders think more people will have more money to buy their product, they'll produce more houses.It won't increase the supply of housing.
Brendan
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?