Edit: this was originally a response to the thread on challenging the validity of lenders to set their variable rate.
... Not sure about the mods title for this but my inner wannabe tabloid journalist says leave alone :-P
I appreciate that some people are under a lot of financial stress and higher mortgage rates are not helping but are we in danger of creating yet another negative to already long list of reasons not to provide credit in Ireland.
I can't help but think this sounds a lot like rent caps and eviction bans. It helps the small number of insiders but will ultimately lead to a situation where new mortgage providers will avoid Ireland like the plague. Or for those that stay they will just cherry pick.
The risk of doing business is priced into the the rates. If you can't reposes the collateral you'll price accordingly. If you cant control the price you charge you'll just stop offering the service.
Can a similar outcome not be achieved using existing systems like a PIA?
Could a borrower challenge mortgage rates in a variable rate contract as unfairly high?
Coyote That is brilliant. I have removed the quotes to make it easier to read And I have attached it as a Word document Brendan
www.askaboutmoney.com
... Not sure about the mods title for this but my inner wannabe tabloid journalist says leave alone :-P
I appreciate that some people are under a lot of financial stress and higher mortgage rates are not helping but are we in danger of creating yet another negative to already long list of reasons not to provide credit in Ireland.
I can't help but think this sounds a lot like rent caps and eviction bans. It helps the small number of insiders but will ultimately lead to a situation where new mortgage providers will avoid Ireland like the plague. Or for those that stay they will just cherry pick.
The risk of doing business is priced into the the rates. If you can't reposes the collateral you'll price accordingly. If you cant control the price you charge you'll just stop offering the service.
Can a similar outcome not be achieved using existing systems like a PIA?
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