And if that person went to a Bank today for a mortgage, what would they get? 3.5 times x 50k = €175k?According to Deloitte's tax calculator, a single person with a gross income of €50k should have a disposable income of €36,548. 35% of €36,548 works out at €12,792, or €1,066 per month.
By my calculations, the monthly payments on a €250k mortgage, at a 2% fixed rate, over a 25 year term works out at €1,060 per month.
Yes Gorden and it is the people who are well off and connected who can game the system,If I’m on €55k a year, can my employer and I come up with a scheme to get me back to €49k with an equalisation bonus to follow?
Or if I’m on €74k and my wife’s on the same, does she give up work temporarily to get us a cheap home?
This Indo article says otherwise:Nope.
While the loan will be subject to the same lending rule as banks
Well, the article is wrong in that case.This Indo article says otherwise
This scheme could force the banks into lowering their interest rates in order to compete with the LA's. It could also see them pressuring the Central Bank to relax the rules on lending as they will be losing business otherwise.Bonkers scheme though.
Why don't the powers that be put some effort into dealing with the exorbitant mortgage variable rates charged by the banks?
This scheme could force the banks into lowering their interest rates in order to compete with the LA's. It could also see them pressuring the Central Bank to relax the rules on lending as they will be losing business otherwise.
You'd need a data warehouse to keep tabs on all the scheme's that now exist around housing supports for renters, potential buyers and those in arrears. Most of the schemes having come into being since Murphy took over. His scattergun approach is all noise and very little substance.
'Throw more money at it' is the answer to everything in this country
Because banks are restricted by Central Bank rules from offering home loans at these levels. It's got nothing to do with competition.Why?
If the council opened their books to switchers under €325k it would put huge pressure on the banks, i.e a state run mortgage lender. They could pick up their share of good risks.This Indo article says otherwise:
https://www.independent.ie/business...the-new-council-mortgage-scheme-36515380.html
Bonkers scheme though.
Why don't the powers that be put some effort into dealing with the exorbitant mortgage variable rates charged by the banks?
The 200 million will go to well connected people with good risks dished out by local councils ,This is FG being more FF than FF it self, It all down to FG wanting to steal FF clothing the party with the most pull locally is the one that will survive,If the council opened their books to switchers under €325k it would put huge pressure on the banks, i.e a state run mortgage lender. They could pick up their share of good risks.
Because banks are restricted by Central Bank rules from offering home loans at these levels. It's got nothing to do with competition.
The whole point of this scheme is to circumvent the Central Bank's mortgage lending restrictions.
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?