http://www.independent.ie/business/...cting-mortgages-with-tough-rules-1744558.html
I read this piece in the Indo and was surprised people are being critical of the bank's decision to stress-test applicants to ensure they could make repayments if the ECB rate rose to 5%.
Surely this is a good thing?
If banks had have displayed this type of caution a few years ago, house prices may not have rose so dramatically.
The ECB rate went from 2 to 4.25% in a short space of time two years ago so it does not sound unreasonable.
I read this piece in the Indo and was surprised people are being critical of the bank's decision to stress-test applicants to ensure they could make repayments if the ECB rate rose to 5%.
Surely this is a good thing?
If banks had have displayed this type of caution a few years ago, house prices may not have rose so dramatically.
The ECB rate went from 2 to 4.25% in a short space of time two years ago so it does not sound unreasonable.