AIB SRV heading to 5%

L1011

spockety wrote: »

But... but... the famine... our colonial past... oppressive landlords.... It's in the "fibre of our being"...

To make this even more bollox, I've done a hell of a lot of geneology research for my family recently and in 1911 only those on an island that the British govt. bought off the landlord and divvied up and a publican who owned her own pub in Dublin out of the ~50 relatives who were householders on that census actually owned their own place. Remember that this is well after the Land Acts, Congested Districts Board, etc. People only really started to own their homes as a norm well after independence.

This "the Irish always want to own a home" concept is less than 100 years old and I've no idea why it was ever invented; and the more its parroted the more it'll stick.

If we had continental rental practices rather than the gombeen landlords (That you see so many of on this forum - trying to figure out the bare minimum level of maintenance they can get away with for instance, or when they can keep deposits), longer leases and unfurnished available I doubt I'd ever have bought. And that's even with the surreal local bubble here which means that a decent condition large 3 bed costs 1,100 to rent a month and my mortgage is currently 725.

The idea that I'd pay a landlord for use of and then be stuck waiting for them to deal with a broken washing machine, etc; or be told I couldn't paint the walls in a house, be limited in getting utility companies in, all that standard crap we have here are MAJOR disincentives to long term / lifelong renters.

murphaph

MYOB wrote: »

If we had continental rental practices rather than the gombeen landlords (That you see so many of on this forum - trying to figure out the bare minimum level of maintenance they can get away with for instance, or when they can keep deposits), longer leases and unfurnished available I doubt I'd ever have bought. And that's even with the surreal local bubble here which means that a decent condition large 3 bed costs 1,100 to rent a month and my mortgage is currently 725.

The idea that I'd pay a landlord for use of and then be stuck waiting for them to deal with a broken washing machine, etc; or be told I couldn't paint the walls in a house, be limited in getting utility companies in, all that standard crap we have here are MAJOR disincentives to long term / lifelong renters.

To be honest you hear plenty of stories of German landlords retaining deposits for the thinnest of excuses and things like washing machines and fridges do not have to be provided by German landlords at all, so they naturally don't have to fix them when they break.

IMO Irish tenants are really quite molly coddled and the notion that Irish tenants live at the mercy of cruel and despotic landlords while their European equivalents enjoy some sort of renters utopia is really quite wide of the mark. A German landlord would baulk at the idea of being forced by law to supply a fridge, never mind a freezer!

German tenants have more rights wrt security of tenure (though in Ireland it's pretty good too) but don't be fooled by the hype: German landlords can also claim Eigenbedarf (required for own use) and can legally evict a long standing tenant if he needs the property for himself or a close relative (I think spouse, parent or child is allowed).

German tenants also have more responsibility: The Kelinreparaturklausel (small repairs clause) is standard in German leases and states that anything a tenant can touch that breaks must be repaired by the tenant (up to a value of €200 per item, capped at €400 per year).

The law in Germany has also been amended (will come into force in a month or two) and the amendments broadly favour the landlord. New fast track procedures to evict non-paying tenants and new procedures to handle the "surprise sub tenant" trick that Mietnomaden (Rent Nomads) have until now taken advantage of to avoid lawful eviction by the bailiffs.

From now on also, a tenant who disputes a case in court (possibly to delay eviction) will be forced to pay the equivalent rent to the clerk of the court for the entire duration of the proceedings, which can then be handed to the landlord in the case he wins the case. This measure alone is expected to remove many tenants chancing their arms from the system and to speed up the judicial process.

German landlords can now also carry out energy efficiency related improvement works for up to 3 months in duration before a tenant can reduce the rent due to noise/dust. Previously tenants could reduce the rent immediately, even though they might well be the beneficiaries of the improvements! the new law seeks to redress this silliness.

Tenants want all the protections under the sun, but when a landlord complains that it's too difficult to evict a non-paying tenant or one who is intentionally damaging the landlord's property, he is told "risk of the business bud".

L1011

I'd far prefer German tenants responsibilities if it came with things like landlords not expecting a divine right to a random viewing ( e.g. just swanning in unannounced). Ditto furniture/appliances as that should lead to lower rents

oflahero

MYOB wrote: »

landlords not expecting a divine right to a random viewing ( e.g. just swanning in unannounced).

This isn't kosher here either. At least 24 hours' advance notice must be given, and with both parties' agreement.

L1011

oflahero wrote: »

This isn't kosher here either. At least 24 hours' advance notice must be given, and with both parties' agreement.

Doesn't stop a huge amount just doing it.

makeorbrake

MYOB wrote: »

I'd far prefer German tenants responsibilities if it came with things like landlords not expecting a divine right to a random viewing ( e.g. just swanning in unannounced). Ditto furniture/appliances as that should lead to lower rents

It's not any different. Had to make apartment available for a viewing before I had seen out lease/notice period while in Germany. They gave me notice of course - but as already has been pointed out, this should (and I would imagine usually does) happen here also.
Furthermore, it is par for the course that an apartment is painted by the vacating tenant prior to leaving in Germany! I was a bit surprised by this one. It doesn't matter if it doesnt even warrant it (in our case, it was hard to see that it did) - thats expected and is common practice.

On another occasion, I was apartment hunting - and thought I had found what I needed. I went to do the deal - and had handed cash over - when the guy then explained to me he was an agent and he also wanted his fee (I can't remember what it was, but it was definitely a significant amount). I immediately took the cash back out of his hands. He was a bit miffed - saying that this was normal procedure over there (and as I later learned, it is - although not in all cases).

Somebody mentioned about German landlords not having to fix appliances, etc - and this is most definitely true. When you rent an apartment there, you get apartment, the walls the floors and hardly anything else! I had to bring my own kitchen ( i kid you not) - with me ( i got this from another irish guy who was moving out of another place and didnt know what the hell to do with the kitchen worktops, hob/oven, etc that he had.

So - long story short - the grass isn't necessarily greener further away. However, there are cultural differences that do make the difference in terms of both the landlord and tenant dynamic i.e. people generally have more respect for property over there and take responsibility in that regard.

twerg_85

Chris_5339762 wrote: »

If I could switch my mortgage to a 5% (say) 10 or 20 year fixed with ability to overpay I'd jump on it. Having a maximum of 3 years fixed is just too low. Whilst I could take a hit of a few % in the SVR increase I'd rather not have to as my wages wont be going up for years.

AIB have a 10yr fixed mortgage. Current rate is 5.9% on it and you could mix fixed/standard or even different fixed terms.

F.

roro2

twerg_85 wrote: »

AIB have a 10yr fixed mortgage. Current rate is 5.9% on it and you could mix fixed/standard or even different fixed terms.

F.

Not on their website?

http://www.aib.ie/personal/mortgages/New-Mortgage-Interest-Rates

twerg_85

No, apparently there's very little interest in so not on the website ... bit chicken and egg though I guess.

I was told about it by one of their mortgage advisors.

F.

roro2

It's at least as attractive as the other fixed rates in my opinion, for a portion of a mortgage anyway. Especially if the SVR is going up by 0.5% this year.