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First Time Buyers In Ireland Have No Fear Of 35 Year Mortgages

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Bank of Ireland Mortgages has today published figures revealing that the 35-year mortgage term has increased in popularity with 50% of all First Time Buyers opting for the 35-year term in the first quarter of 2006.

This is consistent with the trend in 2005. However, it represents a significant increase when compared to a 25% take up in 2004 and 4% take-up in 2000.

http://firstrung.co.uk/articles.asp?pageid...1877&cat=47-0-0

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Bank of Ireland Mortgages has today published figures revealing that the 35-year mortgage term has increased in popularity with 50% of all First Time Buyers opting for the 35-year term in the first quarter of 2006.

This is consistent with the trend in 2005. However, it represents a significant increase when compared to a 25% take up in 2004 and 4% take-up in 2000.

http://firstrung.co.uk/articles.asp?pageid...1877&cat=47-0-0

Proof that they are all a little bit thick.

bank manager: so Mr O'Whatever, your monthly payments for a £300K mortgage over 25 years on interest only terms is £1500. However what we can offer you is a 35 year mortgage and that will reduce your monthly payments to £1499.99 because we spread the associated mortgage set up fees over 35 years instead of 25 years.

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First Time Buyers In Ireland Have No Fear Of 35 Year Mortgages

or

First Time Buyers In Ireland Have No Fear Of not paying off their mortgage before they retire and experiencing penury in old age and reducing their ability to save/invest/afford things in their middle age....

It is difficult to fear what you don't know about or understand.

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Proof that they are all a little bit thick.

Jesus. Are you going out of your way to be offensive? You are wll aware that lots of Irish people read this site so for crying out loud why not just leave it out.

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I mate of mine bought his 2nd property in Ireland last year - he already has a BTL in England.

Total mortage is 300,000euros over 40years!! :blink: And hes only 25!

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Jesus. Are you going out of your way to be offensive? You are wll aware that lots of Irish people read this site so for crying out loud why not just leave it out.

I'm sorry if it offends mate - but it is proof that they are a little bit thick.

Just stating what I see.

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Proof that they are all a little bit thick.

You are a despicable racist and I hope you get banned from this board.

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I'm sorry if it offends mate - but it is proof that they are a little bit thick.

Just stating what I see.

Whilst I agree with what you are saying, I don't think it would just be the Irish.

If we had those rates over here, we would be in the same situation. We (UK) are "thick" too. In some ways, more so.

Funnily enough, I think people in Ireland are starting to wake up. I have met three people from Dublin recently, all of whom are now "short" property and were talking of "bubble", "correction", etc.

They will only need a small increase in the base rate there for sentiment to turn very bearish IMO.

Edited by BubbleTurbo

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The question surely to ask is why on earth do i need a 35 year morgage - if this is unheard of until recently when house prices are booming....

IE house prices are inflated and unaffordable so why on earth am i buying in to this ???

You are a despicable racist and I hope you get banned from this board.

THAT IS THE MOST UNINTELLIGENT REPLY IVE EVER SEEN!!!

OF COURSE THEY ARE 'THICK' BY BUYING AT THE TOP OF A PYRAMID THROUGH PRODUCTS DESIGNED TO GET THE LAST OF THE SUCKERS IN!

DO PEOPLE FORGET ALL THE LAST CRASHES SUCH AS THE DOT BOOM??

PS LOOK UP THE MEANING OF THE WORD RACIST BEFORE CASTING IT AROUND LIKE A SAINT

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Whilst I agree with what you are saying, I don't think it would just be the Irish.

If we had those rates over here, we would be in the same situation. We (UK) are "thick" too. In some ways, more so.

Totally agree. Majority of people in the UK are stupid too. Certainly when it comes to financial issues.

Some people just love crying racist and getting all upset about comments, the same kind of lefty Guardian reading disease that has engulfed mainstream politics today and stops any reasonable debate.

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The question surely to ask is why on earth do i need a 35 year morgage - if this is unheard of until recently when house prices are booming....

IE house prices are inflated and unaffordable so why on earth am i buying in to this ???

THAT IS THE MOST UNINTELLIGENT REPLY IVE EVER SEEN!!!

OF COURSE THEY ARE 'THICK' BY BUYING AT THE TOP OF A PYRAMID THROUGH PRODUCTS DESIGNED TO GET THE LAST OF THE SUCKERS IN!

DO PEOPLE FORGET ALL THE LAST CRASHES SUCH AS THE DOT BOOM??

PS LOOK UP THE MEANING OF THE WORD RACIST BEFORE CASTING IT AROUND LIKE A SAINT

If he had said that the people that were taking out 35 year mortgages were thick then you would have a point, but as it were seeing as how not everyone in Ireland is taking out a 35 year mortgage, by saying "they" re: The Irish, are thick is offensive.

Edited by Wickedkitten

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mortgage length is irrelevant......as we already have infinity mortgages in the form of interest-only products.

You could get an interest-only mortgage and pay a tiny amount into an ISA each month that would take 1000 years to grow to the value of your loan thus creating a de facto 1000 year mortgage....

or get interest-only loan and pay £0.01 a month into a savings policy which gives you a million? year mortgage!

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mortgage length is irrelevant......as we already have infinity mortgages in the form of interest-only products.

You could get an interest-only mortgage and pay a tiny amount into an ISA each month that would take 1000 years to grow to the value of your loan thus creating a de facto 1000 year mortgage....

or get interest-only loan and pay £0.01 a month into a savings policy which gives you a million? year mortgage!

Interest only mortgages are not 'infinity mortgages'.

You will not always be able to get a mortgage i.e. when you have retired so realistically they can only be strung out for so long, at some point the mortgage will have to be repaid. Also, consider that you take out a 25 year mortgage at 35. At 60 when it expires you might only be able to get a 5-10 year mortgage and that would be your last.

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If he had said that the people that were taking out 35 year mortgages were thick then you would have a point, but as it were seeing as how not everyone in Ireland is taking out a 35 year mortgage, by saying "they" re: The Irish, are thick is offensive.

OK then - people taking out a 35 year mortgage are thick. As this is taking place in Ireland, 50% of applications!!!! - it is proof that the Irish are a little bit thick.

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Guest Winners and Losers

THAT IS THE MOST UNINTELLIGENT REPLY IVE EVER SEEN!!!

Surely not. I mean we've got Shakerbaby, TTRTR, my own good self. The list is endless. :rolleyes:

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Thick or not the Irish are building 80,000 new homes a year and have sufficient currently zoned land to accommodate approx another 350,000 in currently adopted development plans. In the UK a small landed cabal place an artificial limit on the release of development land for home building. If the UK was building at a similar rate you would see 900,000 new build units a year.

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Nobody denies that taking out a 35 year mortgage on a property bought at the top of the market is thick. Fine. We all agree. That is a pretty thick thing to do. Great.

But that is not what the poster above said. He (I presume it's a he) TWICE said that all Irish are thick (re-read the posts). That is just plain offensive and ruins the thread.

Anyway, it's old and I don't give a toss really. Thread ruined. Great.

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Don't people understand that the longer the mortgage, the more interest you pay? That means the house costs even more.

It's true that some people pay off their mortage early (I did), but you have to be very disciplined to make extra payments. Most people today don't have the ability or the discipline to make extra payments. How can they when they're already in such debt?

I can't believe how stupid people are about money, particularly when they're buying property. They never run the numbers. Nor do they consider that their financial situation might turn sour.

Buy what you can afford. Be sure to plan for those times when you might lose your job or have some other kind of financial setback. Otherwise, you're life will be incredibly stressful and unpleasant. I don't get it: What's the point in owning a house if paying for it makes your life miserable--not to mention the fact that there are plenty of other (and I think better) ways of building financial stability?

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Thick or not the Irish are building 80,000 new homes a year and have sufficient currently zoned land to accommodate approx another 350,000 in currently adopted development plans. In the UK a small landed cabal place an artificial limit on the release of development land for home building. If the UK was building at a similar rate you would see 900,000 new build units a year.

Hi Duplex - where did you get that stat from? It suggests 4/5 years at curent levels, followed by, erm...a precipirtious drop to zero!?? 350,000 "units of space" will not last long. What's your take?

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It's true that some people pay off their mortage early (I did), but you have to be very disciplined to make extra payments. Most people today don't have the ability or the discipline to make extra payments.

Also, peoples' spending patterns and even the whole structure of the market simply change to reflect the extra leverage. It's akin to going to a stadium and standing up to get a better view, so the man behind you stands up, and the one behind them, eventually the entire audience is standing up yet nobody has a better view from when everyone was seated, except their legs hurt.

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Don't people understand that the longer the mortgage, the more interest you pay? That means the house costs even more.

It's true that some people pay off their mortage early (I did), but you have to be very disciplined to make extra payments. Most people today don't have the ability or the discipline to make extra payments. How can they when they're already in such debt?

I can't believe how stupid people are about money, particularly when they're buying property. They never run the numbers. Nor do they consider that their financial situation might turn sour.

Buy what you can afford. Be sure to plan for those times when you might lose your job or have some other kind of financial setback. Otherwise, you're life will be incredibly stressful and unpleasant. I don't get it: What's the point in owning a house if paying for it makes your life miserable--not to mention the fact that there are plenty of other (and I think better) ways of building financial stability?

yes of course a long mortgage means more interest but when you compare an interst-only mortgage to renting you'll end up paying less per month after 7 or 8 years as your payments are more or less fixed but rents rise with inflation..........

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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