LDFerguson
Registered User
- Messages
- 4,665
Gary Owens of IFG mortgage brokers was recently quoted...
"FIRST-TIME BUYERS are being asked to provide 20 per cent of the price of a house when applying for new mortgages, according to IFG, which owns the State's largest network of mortgage brokers.
Gary Owens, head of IFG Group's Irish operations, said this time last year first-time buyers were being offered mortgages at loan-to-value ratios up to the full value of the property but that offers for first-time buyers have since fallen to around 80 per cent of the value of the property."
We already see Bank Of Ireland not issuing any new mortgages.
IFG are a broker network, not a lender, they cannot decide what % of loans are the banks are giving out to FTB or anyone else for that matter.
In addition, Bank of Ireland have only stopped taking on new applications in the UK on a temporary basis as they had been swamped with them in the UK and couln't keep up. See [broken link removed].
Am I being too cynical in thinking that BOI are not being fully honest here? The concept of a bank pulling a product range, even temporarily, because of too much business in the current environment strikes me as somewhat strange. Surely they should be grabbing all the business they can get (subject to quality control of their mortgage customers, of course, i.e. making sure they can actually make the stress-tested repayments)
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?