Brendan Burgess
Founder
- Messages
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Micheal Noonan will do nothing like he always says we can't interfere. ECB rates going down and variable rates going up.
Any banks doing switcher deals
They are sucking the life out of SVR mortgage holders again to boost their profits. Micheal Noonan will do nothing like he always says we can't interfere. ECB rates going down and variable rates going up. Any banks doing switcher deals
Ok small increase, but really makes me nervous as to where the increases will go from here. Previously, they raised rates in increments from 4.65% in mid 2009 to 6.15% in mid 2011. So I am worried about what my rate will be in one to two years, but then I suppose I've had that worry before this latest hike. Just really hoping this isn't history repeating itself.
Hopefully it is just an earlier reaction to the likelihood of another ECB rate decrease.
I'm surprised this hasn't happened yet. If a bank came in offering 3.5% on low loan to value mortgages they could cherry pick low risk mortgages and clean up.The sooner another lender moves into Ireland the better as it is only then we will see SVR rates reduce until then we are at the mercy once again of our banks.
I'm surprised this hasn't happened yet. If a bank came in offering 3.5% on low loan to value mortgages they could cherry pick low risk mortgages and clean up.
No external bank is going to come in until the non-recourse situation is sorted out. A few entrants did signal interest, but each time they realised it would be insane to give money away.
Which in itself would be scandalous!
Not only is there the fear this will be a series of incremental increases but what happens to variables when the ECB rate increases? Another excuse to increase?
It still amazes me that mortgage rates are as low as they are, considering banks can't really enforce their security on properties in Ireland. Perhaps that will change over time.
Don't fall for this baloney being peddled by banks. Permanent TSB securitised €500m of mortgages paying 3 mth Euribor + 1.65% 6 months ago. Banks are struggling with margin but that's a legacy issue. PTSB are making a handsome profit on their SVR mortgage book.
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