C
thewatcher said:I think irish people are far more intelligent than that and will simply abandon the country once again,with the best and brighest going first.
X-Man said:do you really think so
But the original point was that 50 year mortgages have arrived in the US and are not yet here so why would people leave Ireland to go somewhere that does have 50 year mortgages?thewatcher said:I do,i'm not saying were going to have mass emigration now or anything.
But the rite of passage of many college students has always been a spell in America,Australia and Europe.The standard of living in these places is far better than ireland at present,and i can certainly see people seriously thinking about coming back to a way overpriced house in the suburbs. What's the point in earning good money,if it's all taken up in mortgage payments ?
thewatcher said:What's the point in earning good money,if it's all taken up in mortgage payments ?
That's a worrying statistic - it means that of the people taking out 20/25yr mortgages (as was the norm until recently) very few have managed to repay them early - maybe we are'nt as equity rich as previously thought.I heard on the radio this morning that the average lifetime of a mortgage is 21 years.
That's the theory peddled by the banks/brokers etc - since these mortgages have not been available for more than 3/4 years? It is'nt possible to tell yet what will happen. We may even see a new phenomennon: 'the remortgage to a longer term' as interest rates rise, and incomes struggle to keep pace with 'lifestyle' costs people may have to further increase terms??The FTB that takes out 35 or 40 year mortgages is likely to Refinance after a few years and reduce the term of the mortgage. That is, if their financial situation has improved over these first few years
ClubMan said:But the original point was that 50 year mortgages have arrived in the US and are not yet here so why would people leave Ireland to go somewhere that does have 50 year mortgages?
Howitzer said:People used to say exactly this in the 80's, except then they were referring to high taxes.
GoldDigga said:I heard on the radio this morning that the average lifetime of a mortgage is 21 years.The FTB that takes out 35 or 40 year mortgages is likely to Refinance after a few years and reduce the term of the mortgage. That is, if their financial situation has improved over these first few years
I don't know about that CM, can you back it up with hard facts?ClubMan said:Are you sure about that? I am a software engineer and earn a lot less than I could if I moved to the US (which I don't want to do). Employing me represents good value (both in terms of cost and productivity) to my US based employer especially in comparison to the staff that they employ over there.
Ireland's first ever national independent research into the issue of financial literacy, today revealed that the problem of low financial literacy is not confined to those with literacy and numeracy difficulties, but exists in all income levels.
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... found that over a third of adults from a sample population in Ireland (1000+), could not recognise the correct definition for the financial term 'APR'.
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Furthermore, over half of middle-income level respondents, selected the incorrect explanation of the term.
ClubMan said:Are you sure about that? I am a software engineer and earn a lot less than I could if I moved to the US (which I don't want to do).
ClubMan said:The NALA itself is illiterate judging by that article! Just look at the dodgy punctuation...
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