Mortgages for the regular public

Morrisseeee

My own personal experience is this:
married, single earner with kids
paying my current mortgage for the last 15 years
never in trouble, always had a buffer in account
applied for a tracker retention mortgage
I'm after getting refused twice !
....and the best bit is: i was asking for a less of a mortgage that i'm currently on (after i sell my PPR and with the 1% added on for tracker retention)

They (AIB) refused not because of 3.5 times salary but this thing they call : net disposable income guidelines, which is an absolute joke.

So, this Tracker Retention Mortgage is basically cheap money for the rich, the rest of us can..............fcek off :mad:

eeguy

Mrs OBumble wrote: »

The majority of the public are not in these low skill, low pay jobs.

Have you anything to back up anything you just said, other than personal experience?

This from 2013 paints an entirely different picture: http://www.thejournal.ie/readme/high-earner-ireland-755580-Jan2013/

1.5 million individuals (40%) have a gross income between €10,000 and €30,000 per annum

2.6 million individuals (77%) have a gross income below €50,000 per annum – this excludes those with zero incomes

gar32

I feel its all down to planning & the way houses are built. There are cheaper ways to build homes that are green and long lasting. If the planning was given for houses by the 1000's with real services and a good transport plan. The problem could start to be addressed. Developers want large profits from houses. The government want large tax take from people buying houses.

Housing should be a right and unless someone starts thinking about the problem other then for profit. I can't see it getting much better for people.

aunt aggie

eeguy wrote: »

At least I could get a mortgage in 2004.

This comment is ridiculously naive and sums up this whole thread.

Lots of people got mortgages they couldn't afford and you're.. jealous?

Grow up lads.

dearg lady

I really don't think the issue is access to mortgages, more so access to affordable housing supply.
Options- incentives to build/disincentives to hold land

athtrasna

Mod note
Re-opening the thread but only with the warning that further breaches of the charter will not be tolerated. Cards have been given out and this thread is turning into a timesink for the mods.

Many posters on this thread are not frequent posters in this forum so if that's you, we would appreciate if you would familiarise yourself with the charter (stickied on the forum home page) before returning to post on this thread.

Thanks

0gac3yjefb5sv7

Mrs OBumble wrote: »

The majority of the public are not in these low skill, low pay jobs.

Some are - and I agree that the threshold for social housing eligibility in Dublin anyway is now too low. (Was 36k after tax and various things, last time I looked. )

But I would sincerely hope that few people who went to college and got a good degree are still doing these jobs by now. Yes, many graduates did them during the recession - and some who went to college later in life got stuck in them if they happened to graduate later in life. But for most they will be starter jobs

I think you'll find they are. So what jobs are most of the public on that earn 50k plus?

Stheno

Pheonix10 wrote: »

I think you'll find they are. So what jobs are most of the public on that earn 50k plus?

Did you read my post where a couple on the average wage could afford a 300k house?

Then surely an individual could afford a 150k house on the same wage?

Not many in Dublin mind.

Are you working having done your Masters? I know a fair few grads with good results who started in year one in IT on 32k

There's also another post a few posts back posting average wages by several industries that will help inform you

Eugene Norman

Geuze wrote: »

25 year old newly qualified accountants in large firms start on 48k.

For a 40-year old so-called "professional", with 15 years experience, 50k is below average.

If you manipulate averages by excluding people younger than 40 and non- professionals you don't have much of an average left. The median is more useful.

Eugene Norman

screamer wrote: »

I never said you wanted anything for free. But you want the government to take action so you can have what you want..... doesn't work like that....... it didn't work for people whose homes were reposessed with massive debt to repay and it won't happen now either to facilitate new mortgage applications.

There were very few repossessions in Ireland relative to the number of people in arrears, and the government is interfering with the market via Nama, an organisation that has clearly kept land and housing off the open market.

eeguy

Stheno wrote: »

Did you read my post where a couple on the average wage could afford a 300k house?

I didn't make an ounce of practical sense.

Stheno

eeguy wrote: »

I didn't make an ounce of practical sense.

You didn't or my post didn't? It clearly showed how a couple both earning 35k, with a 10 or 20% deposit could afford a house of that value.

Go back and read it?

Geuze

Pheonix10 wrote: »

I think you'll find they are. So what jobs are most of the public on that earn 50k plus?

Many of the house buying population are on 50k...


Bear in mind that the 36k average earnings includes all the people on 5-10-20 hrs pw.

The average FT earnings are well above 36k.

I suggest, [no proof], that FT mean earnings are 40k+. That is a reasonable claim.

Geuze

Eugene Norman wrote: »

If you manipulate averages by excluding people younger than 40 and non- professionals you don't have much of an average left. The median is more useful.

I have searched high and low for median wage data?

Can you find it?

Stheno

What's SILC Geuze?

0gac3yjefb5sv7

Geuze wrote: »

Many of the house buying population are on 50k...


Bear in mind that the 36k average earnings includes all the people on 5-10-20 hrs pw.

The average FT earnings are well above 36k.

I suggest, [no proof], that FT mean earnings are 40k+. That is a reasonable claim.

What jobs are these people doing as most 36k seems waaaaaay to high.

Geuze

Stheno wrote: »

What's SILC Geuze?

CSO Survey of Income and Living Conditions

It's an EU survey

http://www.cso.ie/en/silc/

Stheno

Pheonix10 wrote: »

What jobs are these people doing as most 36k seems waaaaaay to high.

Top class IT grads going into the big firms start on 32k in their early 20s tbh as an example.
You'd expect them to move up fairly quickly in their first 6/7 years so by the time they are thirty they could be on 50k

Geuze wrote: »

CSO Survey of Income and Living Conditions

It's an EU survey

http://www.cso.ie/en/silc/

Ah thanks I posted some links up in terms of median income a few pages back, but it was CSO data

Geuze

Pheonix10 wrote: »

What jobs are these people doing as most 36k seems waaaaaay to high.

What are you asking?

Average earnings in Ireland are 36k.

Average earnings in industry is 45k.

What's your question?

Geuze

Stheno wrote: »

Ah thanks I posted some links up in terms of median income a few pages back, but it was CSO data

SILC is run by CSO.

Geuze

Stheno wrote: »

Top class IT grads going into the big firms start on 32k in their early 20s tbh as an example.
You'd expect them to move up fairly quickly in their first 6/7 years so by the time they are thirty they could be on 50k

That is reasonable and as expected.

Geuze

http://www.cso.ie/en/releasesandpublications/er/silc/surveyonincomeandlivingconditions2014/

SILC 2014

jimmycrackcorm

Eugene Norman wrote: »

There were very few repossessions in Ireland relative to the number of people in arrears, and the government is interfering with the market via Nama, an organisation that has clearly kept land and housing off the open market.

Why blame NAMA? They don't actually have any responsibility for the mortgages of many ordinary people who have mortgage and lost jobs etc.

hinault

I think that Irish lenders are being ultra caution for obvious reasons. Therefore there are not going to be as many mortgages being offered as people are being led to think.

My own view is that property values were prevented from falling to the level that they should have during the recession.

Therefore when the market "picked up", house prices have become artificially high and that is the case right now.

Stheno

hinault wrote: »

I think that Irish lenders are being ultra caution for obvious reasons. Therefore there are not going to be as many mortgages being offered as people are being led to think.

My own view is that property values were prevented from falling to the level that they should have during the recession.

Therefore when the market "picked up", house prices have become artificially high and that is the case right now.

Prices in Dublin have been falling the past four months!

gar32

Not for small apartments in Dublin. People are trying to buy what ever they can get. The rent prices are so high it can be cheaper to pay a mortgage sometimes.

Stheno

gar32 wrote: »

Not for small apartments in Dublin. People are trying to buy what ever they can get. The rent prices are so high it can be cheaper to pay a mortgage sometimes.

I posted irrc 600 odd properties under 150k in Dublin?

fatherted1969

Mortgages ? It's a joke. Was turned down by my bank earlier this year. Have a full time pensionable job with salary cert of 40k. Am about 10 years ahead of my current mortgage and owe 11k. Looked for a topup of 15k for home improvements but was refused. Have no other debt aside from small repayments on credit card. Go figure

Electric Sheep

Skatedude wrote: »

I've worked damn hard for 30+ years,(since i was 10) got good collage qualifications etc and now due to the 3.5 times salary rule for mortgages, I either live at home with my mother into my forties or move out of the area where my family and friends have lived for 3 to 4 generations to the middle of nowhere or try for a 1 room dump of an apartment in the worst area's of dublin?

fair dosen't even come into it.

Maybe the problem is that your "collage" education never taught you to spell or punctuate. A third level education does not exempt you from mortgage qualification rules.

athtrasna

Mod note

Thread is on borrowed time now. Enough of the personal attacks, if you have an issue with a poster please take it to pm or report their posts.

This is not the place for pages of discussion about salaries either.