If you could hold onto our current Interest Rate would you move Home??

Surely this would be a great incentive to give the secondhand housing market a boost and see some well needed activity , seen that the Govt have 1 foot in most of the Lenders Doors then this would also make sense to generate some well needed revenue for Govt Coffers via stamp duty.

I feel (including myself) that with rates been so low especially if your on a tracker that moving house does not make sense as you would loose your tracker and go onto the current variable .Paying Stamp Duty would NOT turn me off moving home , saying goodbye to the tracker would .

I do realise that what benifit is this to the Lenders ??? forget em , let Govt see the sense in offering this new product and make em do it !!!

Its a WIN WIN in my eyes .

Would love to know if this was availble to you would you take it up and get the wheels in motion to move home ?

Ta.

M

seen the gov (general public) is now guarantor for the banks, i cant see them wanting the banks to loss money. With most trackers the bank are loosing money, you are paying them less than they paid out for the money.

It is a great idea and has been discussed on other sites, it would even be a great selling point for a house if you could sell it with the outstanding tracker mortgage. But unfortunately i doubt it will ever happen, however if the CIF put the proposal to the gov, it might just happen. They would benifit as more secondhand house being sold results in more new house being sold also.

Re: If you could hold onto your current Interest Rate would you move Home??

The new buzz word floating around Kildare street is "Smart Economy" surley this idea would be a smart Economic policy .

As for Banks loosing money ? .... Yes they would not make a cent out this if the vendor was just maintaining the same mortgage amount but the Govt must see the Stamp Duty that could be generated by such a move besides wasnt the Stamp Duty its Golden Goose in recent years that now seems to have kicked the bucket , this may just get them a golden chick (not as big as the goose but at least a step in the right direction)

If the vendor who is moving does need to increase their mortgage amount then the top up amount could be at a higher interest rate but the majority at their current rate .

Smart move for all parties in my eyes .

Sounds like a great idea.

New ideas are needed a a fresh approach to stimulate things

If you could hold onto our current Interest Rate would you move Home??

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I don't know what your (plural) current interest rate is so can't answer that.

I'm paying 2.5% (tracker) on my PPR. Can't say I'm too keen to give that up!

Government indulgence of the property market (no property tax on second, third homes and low CGT on the sale of investment property) and the subsequent insane bubble is the major reason why Ireland's recession is going to be deeper and longer than most other countries and will continue to cost the Irish taxpayer for decades to come. An artificial re-inflation of the housing market is probably impossible and certainly undesirable, the answer to our current problems does not lay in repeating the mistakes of the past decade.

If you want to move house then find a property at the right price and move. Don't expect your fellow taxpayer to help out. The government's tax relief on mortgages is already a rather generous dig out and it should have been reduced/scrapped long before any thought of cutting back on medical cards or education but I would be very surprised to see any government have the courage to scrap it, even though they should. I do have a mortgage but have never understood why this form of relief exists.

Askalot,
My suggestion would be purley for owner occupied properties , the justification for no property Tax for landlords with many homes on their portfolio is Insane and balanced against quote "cutting back on medical cards" unqote seems holey unjust , suppose you get what you vote for .

I am not in any way suggesting that we manufacture another property bubble as tight restrictions would need to imposed with such a move , if someone wants to move and the Stamp Duty would help the economy then surley there in some sense in this ?

Mixednuts said:

if someone wants to move and the Stamp Duty would help the economy then surley there in some sense in this ?

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IMHO people at or nearing retirement should be allowed 'downsize' their PPR without paying any stamp duty, maybe with certain stipulations such as investing 75% or more of the gain in a retirement plan. In the last election both FG and Labour proposed changes in stamp duty for retired people downsizing but it seemed to fail with the public!

It will be a few years before any Irish government starts talking about lower taxes again.