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Mortgage interest rates then, now, future...

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Comments

  • #52
    Farmer Pudsey
    Registered Users, Registered Users 2 Posts: 6,326 ✭✭✭Farmer Pudsey


    barryfishir wrote: »
    Thanks for advice money proberly better off under the bed than in the banks pocket!!!!

    I would not advise anyone to keep large sums of money in cash at home. The walls have ears.


  • #53
    Scortho
    Closed Accounts Posts: 3,876 ✭✭✭Scortho


    barryfishir wrote: »
    Thanks for advice money proberly better off under the bed than in the banks pocket!!!!

    You won't get any interest though. In fact you'll lose money with inflation.


  • #54
    beeno67
    Registered Users, Registered Users 2 Posts: 1,218 ✭✭✭beeno67


    mariaalice wrote: »
    I remember when interest rates were 12% but the thing to remember at that time mortgage lending was was very strict both on the amount lent and on the size of the deposit.

    .
    Lending was not that strict. People regularly got mortgages of 3-3.5 times income. So, a person earning 30k could reasonably expect a mortgage of 100k or so. However at 12% interest there is no way a person earning 30k could have repaid 12k a year on the interest alone. That's 40% of per tax income on interest alone.

    Similar to someone earning 30k a year on a 1% over ECB tracker getting a mortgage for €350,000!! It seemed ok only because the period of such high interest rates lasted a short time.


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