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BOI & PTSB approved to give negative equity loans

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    #32
    daltonmd
    Registered Users Posts: 1,246 ✭✭✭daltonmd


    Eddie2008 wrote: »
    Honesty is the best policy I agree. But the banks dont play fair. They have messed us around for the last 3 years and I have little respect for them. Sorry thats just how I feel. If they choose to ignore rental income, I have no problem ignoring creche fees to get past the post.

    BTW We wont be paying anything from Sept.

    The reason they are ignoring the rental income is that it is not a long term guaranteed income, unlike children, who are a long term expenditure.
    This isn't about having respect for the banks, it's about keeping a good security blanket around you and your family. Not disclosing this is lying to the banks in order to secure a higher amount of finance. One of you sick or losing your job will completely screw you.


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    #33
    Eddie2008
    Registered Users Posts: 49 ✭Eddie2008


    I probably shouldn't have posted that. I wouldn't recommend anyone else doing it. Believe me I am only too aware why the banks say they dont include rental income. You are right Dalton.


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    #34
    daltonmd
    Registered Users Posts: 1,246 ✭✭✭daltonmd


    Eddie2008 wrote: »
    I probably shouldn't have posted that. I wouldn't recommend anyone else doing it. Believe me I am only too aware why the banks say they dont include rental income. You are right Dalton.

    It's easy to be annoyed and frustrated at the banks, I get that, but remember it's you paying the money back at the end of the day. I'd hold my powder for another 6 months and look around at my leisure. Count up all your expenditure (as killer advised) and stress to the absolute maximum you can - be that 7% or 8% interest rates and when you are comfortable then take out the mortgage.


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    #35
    Stark
    Registered Users Posts: 20,990 ✭✭✭✭Stark


    Spiritofthekop wrote: »
    "Trapped in homes" What is this supposed to mean?

    You have a home!! plenty of people cannot even afford a home in a still over inflated market were banks are only giving out small amounts.

    Eh, those people have the option of renting and have/are saving money by virtue of not owning a hope that's rapidly depreciating in value. Owning a home is no good to you if you find you lose a job and have to move half way across the country for work or the home is too small for new arrivals in the family.


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