So this morning the lovely people from the bank we mostly own whose subsidiary gave me my mortgage sent me a letter outlining my various options.
A number of fixed length terms are on offer which would, in the short term, significantly increase my repayments. This is not good. It leaves me with less money for beer and pork pies. However, I am mindful that the lowness of interest rates is unprecedented and they’ll surely start to unprecedent upwards.
Any financial whizzkids like to guess how quickly that’s going to happen and by how much?
On a different and much more amusing note – check out Marc Coleman’s wrap up on Newstalk the other night. Pure gold.
ha nice one twenty the first genuine snigger ive had all week
Yeah, mortgages are funny
Cheers for the link. Brightened my day to no end!!!!
Bet she wont be as quick to go on his show again,now that she really knowa what he thinks of her,the cunt.
It would seem that the ECB rate will stay low for the medium term at least. However, banks will keep adding on to variable rates as long as they can keep people on board, so for variable mortgages, the rate you get now is almost definitely going to increase incrimentally over the next few years. Sopmething to keep in mind when considering fixed rate v variable.
I’m on a tracker mortgage and apparently they are losing money on me. Just luck and timing but it helps me sleep better knowing this.
Depends on the bank Twenty but was in a similar situation a couple of weeks ago. Opted to stay on the variable for the moment. When the banks do decide to bring up their rates they’re obliged to say so one week before the rates go up. That gives you one week to set your mortgage to a fixed rate (which will also go up, but should – big caveat – only be a small rise on the current monthly payment for a fixed loan). Will be doing that when the changes come in. The staff get a memo notifying them of the changes. Do you have an insider or friendly clerk in your bank?
mortgages are for coommon people.
I sleep well knowing that too SG. I’m not on a tracker. In fact, I don’t have a mortgage but I like knowing there’s people out there like yourself.
Thanks HM. I’ve searched that post for sarcasm / hidden insult but couldn’t find any, so, eh thanks.
Do you have one of those whacker, tracker, spacker mortgages Twenty?
I’m guessing interest rates will be low for some considerable time.
But it’s a big gamble all the same.
If the banks are putting up your interest rate it’s because their borrowing costs are through the roof. Why? Because they are not trusted (and rightly so) due to their malpractices of recent times. Conclusion – if your mortgage is going up it’s just another case of you paying for their past indiscretions.
I read somewhere that the bank crisis has cost the country 20k per citizen. So really that 20k should be wiped from your mortgage given that indirectly that money was given to the banks.
MacWilliams looks like a ginger twat. However, he’s very clever and knows his shit. He reckons we’re fucked, REALLY FUCKED.
Based on this (and the fact our Government is … well you know) fix your mortgage ASAP for as long as you can. I fixed mine a bit back until 2014.
No guarantees in life though twenty.
when I click on the link it just has “loading……..”….could be something to do with the more cum discussion?
It’s hard to know, it really is. I’m on a variable rate with First Active/Ulster Bank and they have been pretty good with the rates so far. They passed on all the ECB rate cuts and they haven’t talked about putting the variable rates up *yet*. Maybe they have a bit more leeway with what they can do seeing as they don’t seem to be in a complete jocker like all of the Irish banks. Here’s hoping anyway. But if they do start increasing their rates, then I’ll consider the fixed option myself. But I’ll hold off until then.
If a glorified money-lending knacker-thug i.e. a bank, is pushing a fixed-rate on you then your best option is to do the opposite of what they want you to do.
I’m on a tracker…warms the soul now that the banks are losing money on them, it does.
I agree with itchy – the banks are pushing fixed because they reckon the interest rates won’t move for a few years. They need money from somewhere so they’re pulling the usual stunt of charging you extra for a fixed rate when it’s not what you really want.
http://www.herald.ie/opinion/columnists/dan-white/dan-white-keep-a-hold-of-that-tracker-mortgage-it-could-save-you-euro100k-2163665.html
My advice is to work out the € differential on your own mortgage ( between current variable and whatever fixed rate is on offer).
If it’s €10 and it’s a 5 year fixed rate , then balance the 120 x 5 = € 600 against beer and pork pies .
You know the cunts will penalise you this way, if you try to get out early.
and funny the way everyone know what a tracker mortgage is
same boat as HM (and it’s not the titanic) – no mortgage. found this quite useful when people were trying to convince me renting was a waste of money
http://www.nytimes.com/interactive/business/buy-rent-calculator.html
Not on tracker, interesting stuff though, Cheers
The banks aren’t suggesting changes for your benefit, they are of course trying to make the most profit or themselves from your mortgage. Do the opposite of what they encourage you to do.
Porridge: yeah rent is dead money, mortgage interest is dead money. Be homeless or you’re a sucker.
Never felt the urge to buy thank God. I rent a really nice place for a very reasonable amount. I’ll only buy if I’m get married and having kids. Otherwise I’m happy doing what I’m doing.
Did you read the latest on this dirty little gombeen man?
http://www.independent.ie/business/irish/fitzpatrick-company-got-new-loan-on-day-anglo-nationalised-2267941.html
Stopping sites are actually beginning to sound quite tempting.
I don’t know what a tracker mortgage is… That’s why I’m on a bus.
Tracker here too. Apparently you can’t get them anymore. Re the fixed/variable issue Irish banks are going to squeeze every last drop out of every area of retail and mortgage business for the next 10+ years. I’d imagine that the fixed offers now are threat/fear based so that they can consolidate the value of their loan books for a forseeable period of time. It’s all about them. A nice letter to the regulator seeking his advice might be useful since he’s meant to be regulating the banks in our interest… or to put it another way, he’s meant to be balancing the public interest with the banks’ viability.
Letter in the Independent today that describes negative equity as a ‘nightmare’. Negative equity is only a nightmare 1) if you plan on selling you house anytime soon or 2) if you can’t make repayments as remortgaging isn’t an option. Otherwise it doesn’t affect you. I have a mortgage and if tomorrow the bank values the house and tells me it’s worth a fiver I couldn’t give a bollocks because I’ve no intention of selling or remortgaging.
I walked into NIB a few weeks ago to find a nervous looking twat standing at a podium in the middle of what looked like a regular office. No tellers, no cash, nothing there to carry out a transaction. There was an elderly man who just could not understand what was happening. He thought his money was gone somewhere else. The big twat just stood there at his stupid podium reciting the new terms of business.
I walked across the road to the Post Office and using my NIB Laser card, I paid off my NIB credit card.
Banks are cunts.
@Murty
Nightmare is abit “dramatic” all right.
But your first point covers a lot of scenarios. You can’t move for a new job (or to emigrate). That’s a pain in the nads, that is.
I wonder how many FF bigwigs actually have a mortgage to worry about ?
without banks we would all be eating each other poo … They are a necessary evil
Mortgage (A gauge of death).
1) Watch ‘Arlington Road’
2) Kill someone that is roughly the same age as you
3) Assume their identity by changing your name to theirs.
4) Identify the deceased as you.
5) Watch as your family bury you.
5) Enjoy your new life.
6) Oh, and you better check that the deceased has no mortgage/family etc…
7) And eh, make sure you can sign his name…
Yeah and make sure points 2) and 3) and 4) happen within a day or two.
I found a way to get all our Debt canceled and our finances back on track. We need an earthquake.
http://www.irishtimes.com/newspaper/breaking/2010/0722/breaking42.html
Feynman’s Ghost Says:
July 22nd, 2010 at 2:10 pm
“without banks we would all be eating each other poo … They are a necessary evil”
But do they necessarily have to be so evil?
without banks we would all be eating each other poo … They are a necessary evil
Thats what the cunts would like us to think..
We got on without them before,we could do it again..
If absolutely everyone told them to take a running jump they would be fucked good n proper..
It will never happen but sure you have to have a goal
Bertie got on fine without the banks. So did that other thug, John Gilligan. Peas in a pod.
In the beginning banking was called moneylending. It had all the attributes now asssociated with moneylenders – pay up or we’ll beat the shit out of you. A sizeable number of De Medicis family spent many years in jail for assaulting and killing people who couldn’t pay their debts. The De Medicis were thugs. When law became part of the social norm they then found that it was easier and less time in prison for them if they sent their lawyers after people
Bankers are like south county dublin rugby players – polite but beneath it all thugs and cunts.
So, what about fixing that link, twenty?
Oh, and don’t dream of fixing. Itchy’s assessment is uncannily accurate.
What link?
The Tumblr one, but ne’er mind, it’s working again now.
Good work. :)