That's about the height of it.I'm a bit confused by this. I could get more with this loan than I could ever get from a bank mortgage based on 3.5 times my salary but the bank has to turn me down first....??
they may not need to if it is anything like the one back in 1980/90 ,Apart from the cut rate here, the fixed rate nature of this is extremely valuable. The 30 year corporate swap rate is over 1.5%, so this is as tight a margin as the very best tracker rates.
Say a typical 200k house, with 10% deposit, over 30 years.
2.25% Vs 3% is a saving of 25.5k over the full term (70 per month).
Over 30 years, we're going to see rate rises. Say 4% as an average (could be much higher). That'd cost an extra 61.6k over the life.
So, for someone who meets the criteria, would they consider intentionally damaging their credit history to be refused by banks to get this...
The part of the country I come from what happened in the past people who could get bank loans were also able to come up with the paper to fit the requirement there was no problem with repayments in fact once the were able to get a better long term rate they paid off the council loan,And don't forget that, despite the much lower rates of interest charged by the local authorities, their arrears rates are huge.
Local authorities simply don't have the skills to issue, manage and collect such loans.
If someone doesn't pay their mortgage, what does the local authority do? Repossess the house and then face the prospect of rehousing them as they are homeless?
Brendan
According to Deloitte's tax calculator, a single person with a gross income of €50k should have a disposable income of €36,548. 35% of €36,548 works out at €12,792, or €1,066 per month.I heard Michael Dowling, the mortgage broker guy, on Newstalk earlier mention that this mortgage scheme would be capped at 35% of disposable income.
Nope.Do the CB income limits apply ?
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