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Roy Keane
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Points: 10658 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Het-field Quote  Post ReplyReply Direct Link To This Post Posted: 22 Jun 2022 at 10:25am
Originally posted by Borussia Borussia wrote:

Strange how a thread on The Economy has been dominated by houses. 
I think this is a uniquely Irish obsession. 

In fairness, the history of the country it makes sense. But as Shedite says, not all recessions are the same. The ‘perfect storm’ in 2008 was the fact that the economic disaster was so intertwined with housing. This is why when people in Ireland hear ‘recession’, they think housing.
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Originally posted by Borussia Borussia wrote:

Strange how a thread on The Economy has been dominated by houses. 
I think this is a uniquely Irish obsession. 

With prices so high it’s most peoples number 1 expense .  That and childcare for young families are taking most peoples income so cost of other expenses are much less important. 
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Roy Keane
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Originally posted by BrenC BrenC wrote:

Originally posted by Borussia Borussia wrote:

Strange how a thread on The Economy has been dominated by houses. 
I think this is a uniquely Irish obsession. 

With prices so high it’s most peoples number 1 expense .  That and childcare for young families are taking most peoples income so cost of other expenses are much less important. 
I think the point above about the last recession could be a relevant point here. 
I'm looking at it here in the UK and houses/property/mortgages etc rarely gets a mention. More of a focus on people being able to afford to pay bills and eat etc. 
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Originally posted by Shedite Shedite wrote:

Originally posted by nvidic nvidic wrote:

Originally posted by Shedite Shedite wrote:

Originally posted by MayoMark MayoMark wrote:

Yeah the housing market isn't as badly exposed, or the banks, as 2008.

But let's assume you're in a decent job etc and there is a looming recession, what's a man to do? Just save a few bob and hope for the best?

Locking into a fixed mortgage is a no brainer in my view. 
Yeah i'm going to fix, going on a 2.15% rate for 5 years. The Irish banks aren't as badly off as others tho for mortgage rates. Banks like Avant borrow money for their mortgages, so their rates will go up, BOI/AIB use savings accounts for mortgages so they're not as exposed to the rate changes. I don't expect our mortgage rates to change too much.

Avant is owned by Bankinter, they can sustain their rates the same way the others can, if the want. They may chose not to. 

We're due for renewal on Dec, wish we'd paid the break charge and locked in for 15 years at 2.25 now. Should get 1.95 for four years, just need to hope it holds a bit longer! 

You've missed the boat on that I'm afraid. Avant are moving their 1.95% to 2.15% on 16th July this year

sh*te 🤦‍♂️

Edit, I don't see anything about this online, and broker hadn't been in touch. Where'd you see it? 


Edited by nvidic - 22 Jun 2022 at 2:47pm
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Robbie Keane
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if it’s not until 16th of July why not pay the breakage charge and move now? 
AKA pedantic kunt
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Originally posted by Baldrick Baldrick wrote:

if it’s not until 16th of July why not pay the breakage charge and move now? 

Due €4k cashback in Dec, its about breakeven between the costs of both options, and could do with the money in Dec.

Other banks still with 2% too, for now! 
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Originally posted by nvidic nvidic wrote:

Originally posted by Baldrick Baldrick wrote:

if it’s not until 16th of July why not pay the breakage charge and move now? 

Due €4k cashback in Dec, its about breakeven between the costs of both options, and could do with the money in Dec.

Other banks still with 2% too, for now! 

Fair enough.  4K lump sum, have a good Christmas 
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Jack Charlton
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Originally posted by Baldrick Baldrick wrote:

surely the profit is 1.9% minus all the overheads such as wages and rents for buildings and heating and electricity costs etc etc.  

Very simplistic equation you have there. 
Yeah very simplistic obviously "conribution towards profit" probably better
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Jack Charlton
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Originally posted by nvidic nvidic wrote:

Originally posted by Shedite Shedite wrote:

Originally posted by nvidic nvidic wrote:

Originally posted by Shedite Shedite wrote:

Originally posted by MayoMark MayoMark wrote:

Yeah the housing market isn't as badly exposed, or the banks, as 2008.

But let's assume you're in a decent job etc and there is a looming recession, what's a man to do? Just save a few bob and hope for the best?

Locking into a fixed mortgage is a no brainer in my view. 
Yeah i'm going to fix, going on a 2.15% rate for 5 years. The Irish banks aren't as badly off as others tho for mortgage rates. Banks like Avant borrow money for their mortgages, so their rates will go up, BOI/AIB use savings accounts for mortgages so they're not as exposed to the rate changes. I don't expect our mortgage rates to change too much.

Avant is owned by Bankinter, they can sustain their rates the same way the others can, if the want. They may chose not to. 

We're due for renewal on Dec, wish we'd paid the break charge and locked in for 15 years at 2.25 now. Should get 1.95 for four years, just need to hope it holds a bit longer! 

You've missed the boat on that I'm afraid. Avant are moving their 1.95% to 2.15% on 16th July this year

sh*te 🤦‍♂️

Edit, I don't see anything about this online, and broker hadn't been in touch. Where'd you see it? 
Yeah I spoke with a broker last week. He tells me they have about a 6 week lead time so you'd unlikely to get in before the deadline. AIB have the same rate now, with 2k cashback, so I'm going to go to them instead.
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Ray Houghton
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Originally posted by Borussia Borussia wrote:

Originally posted by BrenC BrenC wrote:

Originally posted by Borussia Borussia wrote:

Strange how a thread on The Economy has been dominated by houses. 
I think this is a uniquely Irish obsession. 

With prices so high it’s most peoples number 1 expense .  That and childcare for young families are taking most peoples income so cost of other expenses are much less important. 
I think the point above about the last recession could be a relevant point here. 
I'm looking at it here in the UK and houses/property/mortgages etc rarely gets a mention. More of a focus on people being able to afford to pay bills and eat etc. 

You can eat your house in Hansel and Gretel land. 
It would damage this forums' reputation
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Jack Charlton
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Points: 6980 		Post Options Post Options   Thanks (0) Thanks(0)   Quote sausy Quote  Post ReplyReply Direct Link To This Post Posted: 22 Jun 2022 at 3:47pm
Originally posted by Shedite Shedite wrote:

Yeah I spoke with a broker last week. He tells me they have about a 6 week lead time so you'd unlikely to get in before the deadline. AIB have the same rate now, with 2k cashback, so I'm going to go to them instead.
 
I think mortgages departments across the Banks are mad busy at the minute. Some UB & KBC mortgage holders want their mortgages to be with the same bank as their new current account and other clever UB/KBC mortgage holders switching to PTSB/BOI to get the cash back offer before the mortgage moves automatically.


Edited by sausy - 22 Jun 2022 at 3:52pm
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