Hello,
Just wondering what the general opinion is on whether a bad mortgage is the banks fault or the borrower.
A bit of back ground,
My know wife, then girlfriend bought a house together in Feb 2008 for €285,000
€275,000 for the house and 10k for repairs.
We got or mortgage with permanent Tsb jointly both were employed full time when we got it.
Our salary to loan ratio at the time was 6.7 and we weren't asked for a deposit.
The new rules would be a maximum of 3.5 times salary and 10% up to €220,000 and 20% over that.
We had a lot of trouble with the house after buying which lead us to getting further loans from the credit union and my wife lost her job.
My question is should the bank shoulder some of the responsibility for giving us so much, we often say that if they hadn't we would have just found a cheaper house more in our means.
We were young and inexperienced with the whole financial institutions at the time and would never put ourselves in the same position again even if it were offered right now.
Just wondering what the general opinion is on whether a bad mortgage is the banks fault or the borrower.
A bit of back ground,
My know wife, then girlfriend bought a house together in Feb 2008 for €285,000
€275,000 for the house and 10k for repairs.
We got or mortgage with permanent Tsb jointly both were employed full time when we got it.
Our salary to loan ratio at the time was 6.7 and we weren't asked for a deposit.
The new rules would be a maximum of 3.5 times salary and 10% up to €220,000 and 20% over that.
We had a lot of trouble with the house after buying which lead us to getting further loans from the credit union and my wife lost her job.
My question is should the bank shoulder some of the responsibility for giving us so much, we often say that if they hadn't we would have just found a cheaper house more in our means.
We were young and inexperienced with the whole financial institutions at the time and would never put ourselves in the same position again even if it were offered right now.
