Media: Bank of Ireland pull ludicrous twitter add after furious backlash

pilly

awec wrote: »

Just to be clear, you are complaining about a supposed sense of entitlement and lack of responsibility, while at the same time advocating that adults move back in to live with mummy and daddy?

The irony right? :rolleyes:

pilly

....... wrote: »

This post has been deleted.

It's a huge problem. My mother lives in a very old area and on her block alone there are 3 widows living alone. There was talk some time ago about an old person's complex being built in the area and people were going to be given incentives to move into them and give up their houses, loads were interested, nothing happened.

We are not catering for our aging population at all. You see these complexes all over the UK and they're lovely.

Klonker

....... wrote:

This post has been deleted.

Well of course your parents would have to agree with it but I think most would, to give their children a help to purchase a homeof their own.

On the leech, personal space etc points, we'll if the person isn't willing to sacrifice these things that's up to them, others are willing to sacrifice these in the short term to be able to save for their own home. Just because some would not like this situation doesn't mean it's unsuitable to all.

TheDoc

Kermit.de.frog wrote: »

But Bank of Ireland are right not to lend particularly to most younger people for rent or mortgages. It will damage their balance sheet.

Have we not learned lessons since our humiliating and costly crash?

Now people want banks to throw money to people who can't afford it again??

You assume young people cannot afford a mortgage?

I'm a single income earner in my household, and pretty financially prudent. I'd be comfortable managing mortage repayments, considering when I was looking the repayments were less than the going rent at the time. And rent has skyrocketed, my mortgage repayments wouldn't have.

Any half brained risk assessor or mortgage lender would have seen my history of rent and been like "clearly this fella is safe and no risk".

With the central banks regulations it struck plenty of people out of the equation overnight. I'm in a position now where I can actually safe properly and aggressively, but the assumption that "young" people are more risky or can't afford houses, come on. I know you've made a general sweeping statement there, but it wasn't "young" people that caused the crash, it was wreckless people, financially stupid people, and people living outside of their means.

Yes, banks should not throw money at people who cannot afford it. Bigger problem and question, is why do people who can't afford it or sustain, go looking for it in the first place. Serious issue in our society about expectations, and what is believed to be "owed" as opposed to earned.

.......

This post has been deleted.

Browney7

Wombatman wrote: »

The parents are the victims here. The assumption that the kids can just waltz back any time they like is offensive to me. When my two leave they are never get back in :rolleyes:

Although if the parents have extra space they should probably trade down allowing the market to function better.

At the same time, by virtue of the housing shortage the property owning parents are becoming wealthier with rising prices.

Same price rises are leaving the offspring with the choice of emigrating and giving Ireland the two fingers, continue to rent in a precarious and expensive rental climate or move home and get a large deposit together as their incomes might only get them mortgage approval for 350k (3.5 times 100k combined salary).

TheDoc

As for people claiming this to be SJQ warriors, storm in a teacup or "no problem" well I guess it goes to show the disconnect from the generations at the moment.

Guy behind me in work is married, living with his inlaws parents, both of whom work good paying jobs. I was grinding it month to month providing for a family of three, for three years, no ability to save.

To be honest probably no point in even going into detail, if you don't see the problems with adult couples in their 20's-30's being told to move back home to save for a deposit, then a) you are lucky to have not really going through the ridiculous scenarios and situations of the rental market here or b) You've been comfortable enough that you havn't had to experience the grind.

Best friend of mine just had to move back home with her parents. It's a demoralising experience at 30 having to move home, because it has become such a slog renting in Dublin. If your lucky you have a partner, that works, and gets a good income/salary. But there is various and many types of situations and for people working good jobs, being priced out of the rental market, is a sad state of affairs to how its been let run itself into the ground.

TheDoc

godtabh wrote: »

again 'people' looking to be offended

Or maybe a section/type of people getting pretty tired of people talking down to them, giving them stupid alternatives or ridiculous advice, especially considering you sit there knowing it was a rake of moronic people/couples/families who absolutely ****ed it for everyone else.

Not sure if you maybe have experienced it, but there has been nothing more infuriating through the recession, and even now, than being a financially prudent person, earning good money, hitting barriers left right and centre, caused by the mistakes of others, who even making them, weren't appropriately penalised or punished for the damage they have caused.

TheDoc

The_Conductor wrote: »

Avocado on toast?
Obviously, I've missed something- though somehow, I suspect its not something that really matters...... Kinda like the add they pulled, actually........

There is a typical downtrodden, condescending message that comes from people typically in wealth and have nothing to worry about, "telling" the likes of my generation that we don't know what graft is, we expect everything handed to us, and that if we realised if we cut out the lavishness of avocado(its the buzzterm to basically portray someone in their 20's upset about the financial lay of the land while eating an expensive, deemed posh, food) we could build savings and get a house.

It's the most condescending bollox I hear when it comes to this discussion. And I've no doubt there are people who don't want to graft and want a nice lifestyle and basically have the easy road, dont understand why they cant go out for dinner, parties, concerts, buy nice cars and nice clothes, and yet be able to buy a house.

But its insulting and aggravating as **** to the rest, the majority, who arn't like this, and have been grinding it out.

TheDoc

Michael D Not Higgins wrote: »

And that's the issue. It's a poor reflection of modern society and many still blame the banks for all our current woes.

At the same time, and I agree some people have ridiculous expectations, historically it was entirely possible for someone to rent and save for their own home.

Everyone didn't grow up, get a job, move out and have some freedom, then move home to save for a house. Come on now.

While the lay of land restricts this possibility, and that's fine, it doesn't mean it has to be accepted or shouldn't be challenged. WE all know the issues with the rental market, and while yes some of us will need to accept maybe moving home, or doing this or doing that to make it work, there is no problem in being aggrieved by it and there is no problem in it being challenged.

A large section of the people in this dilemma are young, single people. You know what might help that relatively large group, even young couples with no kids. Some adoption of apartment living, and the country moving and provisioning this sort of accommodation. But no, it's still all about houses, or apartment blocks raised with nothing nearby and charging a fortune for them where you do say to yourself "**** would I take that, I'll rent a house cheaper". : / Nevermind the issues with the rise limits.

TheDoc

Pkiernan wrote: »

This is nonsense.
A huge feeling of entitlement pervades the current moaning generation.
Save for your own house like I did.
Save for your own pension like I do.
Stop wasting money.

Now that life is some perceived as being uniquely difficult for the milennials you want to tax people who have a bit to spare?
Think back 40 and 50 years when the Irish were treated appallingly abroad but still they worked and saved.

They werent out every night in town the pub.

Cop on and take responsibility for your own futures.

Anyone who thinks Irish politicians will tax PPRs us living a fantasy.

Plenty of us are, just getting annoyed at the barriers and restrictions we take for our parents generation making a ****ing meal out of getting a few extra quid in the pocket....

Allinall

TheDoc wrote: »

But its insulting and aggravating as **** to the rest, the majority, who arn't like this, and have been grinding it out.

You really shouldn't take it personally.

It's obvious from your posts that the ad is not directed at you, so you should just ignore it.

I dint pay any attention, or feel insulted at ads for feminine hygiene products, because they're not aimed at me.

Klonker

....... wrote:

Really?

....... wrote:

I dont know anyone who did it for longer than a couple of months (end of lease while waiting on keys type of thing).

....... wrote:

Perhaps it is a class divide thing.

I'm not sure which class your trying to say it's most likely for tbh.

I know a few personally who are doing at the moment but I don't know how long they are planning to do, I presume 2 years would be the max but if you are looking to make a good dent in the deposit you'd need almost a year of it.

martingriff

TheDoc wrote: »

Kermit.de.frog wrote: »

But Bank of Ireland are right not to lend particularly to most younger people for rent or mortgages. It will damage their balance sheet.

Have we not learned lessons since our humiliating and costly crash?

Now people want banks to throw money to people who can't afford it again??

You assume young people cannot afford a mortgage?

I'm a single income earner in my household, and pretty financially prudent. I'd be comfortable managing mortage repayments, considering when I was looking the repayments were less than the going rent at the time. And rent has skyrocketed, my mortgage repayments wouldn't have.

Any half brained risk assessor or mortgage lender would have seen my history of rent and been like "clearly this fella is safe and no risk".

With the central banks regulations it struck plenty of people out of the equation overnight. I'm in a position now where I can actually safe properly and aggressively, but the assumption that "young" people are more risky or can't afford houses, come on. I know you've made a general sweeping statement there, but it wasn't "young" people that caused the crash, it was wreckless people, financially stupid people, and people living outside of their means.

Yes, banks should not throw money at people who cannot afford it. Bigger problem and question, is why do people who can't afford it or sustain, go looking for it in the first place. Serious issue in our society about expectations, and what is believed to be "owed" as opposed to earned.

When seeing how much you can pay did you take things like having a baby and all payments that would give, getting sick, reduced pay, loosing your job and interest rate hikes. It is great to see I can pay it now but do not forget this is a long loan and anything Can happen just ask people who bought in the boom saying yes I can pay I have great money now and today can't afford it

.......

This post has been deleted.

whisky_galore

pilly wrote: »

We are not catering for our aging population at all.

They're not catering for any sector of the population that isn't already in clover.

John_Rambo

The bank, and it's advertising agency are trying to normalise the (otherwise) abnormal practise of fully grown, adult offspring (often in their thirties) moving in to their elderly parents house in order to save up and live the life they’re accustomed to.

Otis Yummy Spatula wrote: »

People going mad when a bank offer some good advise. There really are some monumental idiots in this county (and they are on Twitter too it appears).

And, it’s working (thanks Nox). Even though there’s a fuss made and the ad is pulled, it’s still out there and the seed is set in the adult offsprings (opportunistic) minds and in the elderly parents (now, slightly guilty) minds.

It’s a message from the bank telling people that you can avail of their services and still have your parties, lunches, holidays, pints etc… you don’t have to give up anything.

Landlords lose out, elderly parents lose out, bank gets new customers. Another successful ad strategy fully supported here, on social media, on other forums and on mainstream media!

An ad, attracting customers in the disguise of good advice!! Advertising win.

Klonker

....... wrote:

This post has been deleted.

I agree, I'd hate to be the partner moving in to my partners parents home, it's hard enough staying over for a night or 2 without feeling like walking on egg shells! The situations I personally know are that both move in with their own parents. Throw a kid in the mix though and everything gets a lot more complicated.

Anyway my point was I don't see a problem with the ad and a lot of people already do this but of course it's not suitable for everyone, nor are the bank saying it is.

The Student

There is a solution in part to the housing crisis.

Extend the rent a room scheme to landlords. Any rental income up to say 14k is exempt from tax. Any fig over this and you are taxed on all income. Allow this fig increase by 4% per annum.

The benefit of this is there is no incentive for landlords to increase rents as they would pay more tax. The tenant is paying €1k a month instead of €1800 etc. The landlord still receives the same net income and the tenant can save for a deposit.

In relation to previous rents showing proof of the ability to repay a mortgage and only needing a 10% deposit for a mortgage. This is all well and good but what happens if the mortgage holder defaults on there mortgage and the bank cant get the property back. We need to get over the idea that we are somehow entitled to live where ever we want.

We should all live within our means.

jamesthepeach

The Student wrote: »

There is a solution in part to the housing crisis.

Extend the rent a room scheme to landlords. Any rental income up to say 14k is exempt from tax. Any fig over this and you are taxed on all income. Allow this fig increase by 4% per annum.

The benefit of this is there is no incentive for landlords to increase rents as they would pay more tax. The tenant is paying €1k a month instead of €1800 etc. The landlord still receives the same net income and the tenant can save for a deposit.

In relation to previous rents showing proof of the ability to repay a mortgage and only needing a 10% deposit for a mortgage. This is all well and good but what happens if the mortgage holder defaults on there mortgage and the bank cant get the property back. We need to get over the idea that we are somehow entitled to live where ever we want.

We should all live within our means.

Are you mad. The govt would never give up the extoryionate tax take they get from landlords.

quadrifoglio verde

As one of these hated millennials, I really think my fellow millennials are making much a do about nothing this morning over their smashed avocado.

You need a deposit to buy and moving back home, while it sucks allows you to get that deposit together faster.

And the previous generation haven't had it easier. My dad was working as a labourer from the age of 13 in England during the summer months. I don't know where the idea has come from that his generation had it easier

robbiezero

Haven't seen the ad and don't care what is in it. But what bugs me is the spineless-ness of the company pulling that ad based on the reactions of some cretins on twitter that you would cross the road to avoid in real life.

awec

quadrifoglio verde wrote: »

As one of these hated millennials, I really think my fellow millennials are making much a do about nothing this morning over their smashed avocado.

You need a deposit to buy and moving back home, while it sucks allows you to get that deposit together faster.

And the previous generation haven't had it easier. My dad was working as a labourer from the age of 13 in England during the summer months. I don't know where the idea has come from that his generation had it easier

What a bizarre anecdote.

How much of a chance do you think someone working as a labourer would have of buying a house in Dublin today?

Graham

TheDoc wrote: »

As for people claiming this to be SJQ warriors, storm in a teacup or "no problem" well I guess it goes to show the disconnect from the generations at the moment.

Guy behind me in work is married, living with his inlaws parents, both of whom work good paying jobs. I was grinding it month to month providing for a family of three, for three years, no ability to save.

So in your experience moving home is is the reality on the ground for many couples.

That's why I don't understand the kerfuffle.

Is it an ideal scenario, no. Is it an option for everyone, no. but.. It is happening. It is a reality. Why should a mortgage lender pretend otherwise in its advertising or policies?

awec

Graham wrote: »

So in your experience moving home is is the reality on the ground for many couples.

That's why I don't understand the kerfuffle.

Is it an ideal scenario, no. Is it an option for everyone, no. but.. It is happening. It is a reality. Why should a mortgage lender pretend otherwise in its advertising or policies?

He mentioned one couple.

Graham

awec wrote: »

What a bizarre anecdote.

How much of a chance do you think someone working as a labourer would have of buying a house in Dublin today?

You think mortgage lenders should base their advertising on the ability of a labourer to afford a property in Dublin?

awec

Graham wrote: »

You think mortgage lenders should base their advertising on the ability of a labourer to afford a property in Dublin?

No, I just am a bit tired of this "oh millennials have it so easy, they just expect everything" nonsense.

Millennials are the ones who will be paying off the mistakes of the previous generation yet constantly find themselves being patronised for being pissed off about it.

JPF82

It seems to have annoyed people that it is a reflection of the Ireland we live in.

I'm a business teacher in Dublin and last year I assigned my TY students a project on buying a home. Most of them wanted to live near to where they grew up and were shocked to see the amount of deposit they would need and what it would take to save as well as how much they would actually repay over the life of a mortgage.
I asked them what they would do and most said they would stay living at home. That led to an interesting discussion as to how it would affect other areas of their lives, relationships etc. Having a frank discussion and a bit of a laugh with them about dating someone and then having them sneak them into their parents house or how they would view someone who still had mammy and daddy cooking their dinners and dong their washing at 27 years old.

Its not ideal, but it is a reality. Mid thirties myself. Renting in commuter belt town with my wife and daughter. Just got a full time permanent contract as a teacher. Have just started saving 750 per month as I only qualified to be a teacher 2 years ago and had to wait to get more hours and some job security to afford decent savings. My wife putting a further 400 into the savings. Just got to see what we can buy in a year or two. Option of living at home to save doesn't exist for us and neither does buying a 400,000 euro house.

Graham

awec wrote: »

No, I just am a bit tired of this "oh millennials have it so easy, they just expect everything" nonsense.

Millennials are the ones who will be paying off the mistakes of the previous generation yet constantly find themselves being patronised for being pissed off about it.

Every generation, ever, looks at the following generation and sees things they have easier. I guess I just don't see the relevance here.

I look at some of my 'millenial' friends and I see plenty that would make me worry for them. Moving back in with Mammy & Daddy for a while would not be on the concern list. That would be quite close to the top of the 'build a bridge' list.

jamesthepeach

awec wrote: »

No, I just am a bit tired of this "oh millennials have it so easy, they just expect everything" nonsense.

Millennials are the ones who will be paying off the mistakes of the previous generation yet constantly find themselves being patronised for being pissed off about it.

Spoken like a true millennial.
The people who want everything handed to them, yet somehow they claim that they are the ones who are saving the future.

When you get a bit older you'll understand