Softening house market?

They must be right eejits to have enough cash to clear the mortgage. They can't be getting any interest with that cash on deposit, yet are paying a mortgage. Only the state would employ people like that!

No they are not. They probably have a tracker mortgage. They are probably paying 500-1k in interest every year previous to the present rate rises.

They will have children going to college in a few years time it will cost 50k minimum per child.

Money also gives opportunity. IMO they should have bought property in the 2014-2016 period however it's not everyone's cup of tea. However a holiday home would have been a good balance up to two years ago there was some right bargains.

I have a commercial tracker from my ''cold dead hands'' will they get it.

We have has these downhill feeling before. You get what I call the Chicken Lickens running around screaming the sky is falling in.

We had this in the early stages of Brexit and COVID. Any corrections will be in the order of 10% IMO, it may go slight above that however the big question is will there be availability. While we have had a small surge in house's for sale there is slowdown in the building sector. That brings it own issues and it may reduce supply in 6-12 months.

It amazing none of the CL's are will to forecast the level of decrease they expect and why.

Most of these guys must have most of the house price in cash. Because in the case of a complete crash it would require a credit squeeze it access to finance is the issue.

You limit your financial levers by stuffing money under the mattress (Any low/no interest savings account is effectively this), rather than using your own equity.

With a mortgage vs any other loan, your assets are protected from being eroded by inflation. (assumption is that you are not in a bubble). Your property in theory will stay stable in value, rising / falling with the market, while providing you with a place to live.

You also have some financial options with a mortgage, you can top up a mortgage without substantial new loan approvals. So it's another tool in your toolkit for weathering any unexpected expenses (along with rainy day funds etc)

You can pause a mortgage at any time, for no reason at all. I paused ours for a summer once for example, when taking a long-haul holiday, just for extra short term spending money. It was a mere phonecall, and sign the letter they sent.

Another international housing market under pressure because of rising interest rates

Used live out near Dangan in West side many years ago and like yourself cycle to parkmore industrial estate. Was in the peak of my fitness then and used get there in about 25 mins. Even the early mornings when there was torrential rain, I never felt as refreshed and ready for work as one of those cycles and a hot shower in work after it. It is not a good sign when potential buyers are dropping out as this is a decent location with bus services to town and they look good family houses. I think the overall sentiment is changing and at a more rapid pace in the last few months.

Try googling "mortgage top up ireland" - you might be surprised.

Out of curiosity do you know how the bank record your payment break on the CCR? Have you applied for any credit since then?

There was a lot of concern during the pandemic how people who furloughed and took payment breaks would be treated. I believe in most cases it didn't effect their ability to borrow but I wouldn't say it's a rule of thumb that has always existed.

Another lender is likely to query why you haven't made scheduled payments on an existing loan. It might have been a one off but other lenders may see it as a sign of financial pressure and steer clear.

Everything is treated as a new mortgage loan since 2008, theres no such thing as getting a new borrowing on an existing mortgage.

Well it won't strengthen your position when looking for credit I would have thought.

It seems from the CCR's own website it might not trigger an automatic flag on your record but there is sufficient information there for others to work out the balance hasn't changed.

Sounds to me like when times are good few will bat an eyelid but if lenders are getting worried such actions might be used against you.

Regarding the mortgage top up. Poster is technically correct in that you won't be able to top up on the existing account number however the bank would offer a side loan with a new credit agreement and new terms and conditions.

A side loan is a new loan and it will be looked at as stand alone and alot of banks will screw you on rates for anything less than 80k, standard apr rates.

80k is approx the minimum mortgage amount you can get from an Irish bank so tbh , your existing mortgage has nothing got to do with new business except maybe your payment history.

Again , when was the previous time?

All properties->03/10/22 to 09/10/22

All Dublin

64 Price changes

58 Decreases

6 Increases

Rest of Ireland

185 Price changes

148 Decreases

37 Increases