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Huge Uptake Of 100% Mortgages In Ireland

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The number of people seeking to buy their first homes has increased following the introduction of 100% mortgages, a new survey reveals.

According to the Irish Mortgage Corporation, more than a quarter of those questioned decided to enter the property market as a direct result of the loans.

The corporation said that many young people are still finding it difficult to gain approval as lenders are sticking to strict qualifying criteria.

This could be be reflective of the lenders accepting that market conditions have changed dramatically and adapting their policies accordingly.

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The introduction of 100% mortgages was greeted with huge excitement in the media - as if somehow the banks are being charitable. :lol:

The policy has served its purpose. It has kept the party going...for a while.

Then what?...120%?...150%?

In the long term...It's screwed. Even the banks know it.

But, senior banking execs only care about next years figures (and hence their bonuses) and not where we might be in five years time.

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  • 301 Brexit, House prices and Summer 2020

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