IdesofMarch
Registered User
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- 278
Its terrible that old law stuff, if only it wasn't there!
Hi Ides
Just to balance it. Over 100,000 borrowers have had their mortgages rescheduled. All of these were in breach of their contract and in theory the banks could have sought an order for possession. While many of these reschedules didn't cost the bank anything as they still charge the full interest, there were a lot of split mortgages which effectively reduced the interest rate and half of them were trackers so the reschedule was very costly.
You also have the 30,000 tracker case. Very few of these had actual breaches of contract - my guess would be about 3,000 of them would have succeeded in court. The other 27,000 got massive compensation in cases which would not have been upheld as breach of contract. In fact, only half of them would have been upheld by the Ombudsman.
The big scandal has been the very high mortgage rates in this country. For the 300,000 people on non-trackers, they have paid way over the odds.
Brendan
Can you answer the question in the last post please? I'm all ears!I don't always agree with him, but to quote a poster from another topic, I hope you find the below to be helpful. I've certainly entered a period of self reflection since I first read it.
Oh wait. That was you?!..
You do understand contract law Ides, don't you?
The question about high variable rates? I've given my thoughts before, told I was wrong because it didn't fit with your view, then the thread turned personal and our posts were deleted.Can you answer the question in the last post please? I'm all ears!
The average rate charged on all outstanding mortgages is probably lower here than the Eurozone average at this stage. I think that's pretty extraordinary when you consider our outsized level of non-performing mortgages and the impact that has on provisioning, etc.The big scandal has been the very high mortgage rates in this country
The average rate charged on all outstanding mortgages is probably lower here than the Eurozone average at this stage. I think that's pretty extraordinary when you consider our outsized level of non-performing mortgages and the impact that has on provisioning, etc.
Even effective new home loan rates are rapidly heading towards the average rates charged on the continent. When you take account of the fact that loan arrangement fees are practically unheard of in this country, I don't think it's accurate to say that the effective cost of home loans is particularly high in this country in comparison with other Eurozone countries.
The Central Bank published data on average rates charged on outstanding mortgages here compared to the Eurozone average a few years ago but I don't have up to date numbers.Sarenco, if at all possible could you post any data regarding the average rate on outstanding mortgages v the Eurozone average.
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