Bloomberg chart shows that Irish mortgage rates are way higher than other EU countries

Patslatt1

Well-known member
Joined
Nov 18, 2009
Messages
4,229
Based on the EU Central Bank source,a recent Bloomberg chart showed that Irish mortgage rates net of deposit rates are 3.1% (eyeballed off the chart), compared to Spain 1.75%, Germany 1.5%, Netherlands 1% and France 0.56%. What would normally be profiteering in the huge Irish spread of 3.1% may well be justified.

That's because the snailpace Irish court procedures delay repossessions of houses in mortgage default for years longer than in many other countries. During these long delays, the condition of many houses deteriorates where owners can't afford maintenance or they resent court procedures.

So despite the lack of competition, foreign banks are not tempted by extremely high mortgage interest rates to enter the Irish mortgage market.

Irish home owners are being penalised by unnecessarily high costs of mortgages, costs that are particularly unfair on new house buyers who are not responsible for the past housing price bubble.

The obvious solution is that the government needs to prioritise speeding up court procedures. However, it seems to be deterred by the prevailing sentimental bias against evictions vaguely based on the history of cruel evictions of impoverished 19th century tenant farmers who farmed a few acres of potatoes.
 
Last edited:


Niall996

Well-known member
Joined
Dec 5, 2011
Messages
11,823
The snailpace Irish court procedures delay repossessions of houses in mortgage default for years longer than in many other countries. During these long delays, the condition of many houses deteriorates where owners can't afford maintenance or they resent court procedures. So despite the lack of competition, foreign banks are not tempted by extremely high mortgage interest rates to enter the Irish mortgage market.

Irish home owners are being penalised by unnecessarily high costs of mortgages, costs that are particularly unfair on new house buyers who are not responsible for the past housing price bubble.

The obvious solution is that the government needs to prioritise speeding up court procedures. However, it seems to be deterred by the prevailing sentimental bias against evictions vaguely based on the history of cruel evictions of impoverished 19th century tenant farmers who farmed a few acres of potatoes.
Morons stoked up by cretins who grotesquely exploit and profoundly disrespect Irish history, trample on top of and all over the genuine tragedy of the 1800's for populist 15 mins of fame and who utterly piss on the graves of those who died in those horrific times.
 
Last edited:

Ardillaun

Well-known member
Joined
Jun 4, 2010
Messages
12,072
The obvious solution is that the government needs to prioritise speeding up court procedures. However, it seems to be deterred by the prevailing sentimental bias against evictions vaguely based on the history of cruel evictions of impoverished 19th century tenant farmers who farmed a few acres of potatoes.
You’d think the plight of tenant farmers long ago would evoke sympathy for modern tenants more than owners.
 

PBP voter

Well-known member
Joined
Sep 18, 2015
Messages
9,373
As the banks can't repossess in many cases they have to have high rates in places to ensure that are pofitable.
 

Sync

Well-known member
Joined
Aug 27, 2009
Messages
29,399

Patslatt1

Well-known member
Joined
Nov 18, 2009
Messages
4,229
You’d think the plight of tenant farmers long ago would evoke sympathy for modern tenants more than owners.
A person in a house costing a quarter of a million can't be compared to a 19th century tenant farm family typically dressed in rags before the Famine and barely surviving on a few acres of potatoes. Even milk was a luxury then as presumably it was mostly used for cheese exports to the prosperous British mainland.
 

APettigrew92

Well-known member
Joined
Aug 4, 2011
Messages
2,700
Based on the EU Central Bank source,a recent Bloomberg chart showed that Irish mortgage rates net of deposit rates are 3.1% (eyeballed off the chart), compared to Spain 1.75%, Germany 1.5%, Netherlands 1% and France 0.56%. What would normally be profiteering in the huge Irish spread of 3.1% may well be justified.

That's because the snailpace Irish court procedures delay repossessions of houses in mortgage default for years longer than in many other countries. During these long delays, the condition of many houses deteriorates where owners can't afford maintenance or they resent court procedures.

So despite the lack of competition, foreign banks are not tempted by extremely high mortgage interest rates to enter the Irish mortgage market.

Irish home owners are being penalised by unnecessarily high costs of mortgages, costs that are particularly unfair on new house buyers who are not responsible for the past housing price bubble.

The obvious solution is that the government needs to prioritise speeding up court procedures. However, it seems to be deterred by the prevailing sentimental bias against evictions vaguely based on the history of cruel evictions of impoverished 19th century tenant farmers who farmed a few acres of potatoes.
So the Housing Crisis was in fact caused by the Great Irish Famine. In collusion with the Courts.

I believe you are forgetting the Rand Corporation, the Reverse Vampires and the Saucer People.

You need to be committed to a psych ward.
 

Patslatt1

Well-known member
Joined
Nov 18, 2009
Messages
4,229
It's a historic issue.https://www.independent.ie/business/personal-finance/property-mortgages/higher-mortgage-rates-due-to-low-repossessions-34818643.html

The country's made that decision that it's happier for less competition and higher costs to responsible mortgage holders to protect the properties of those that can't repay.
Letting people stay in houses they can't afford even with restructured loans makes no sense. They need to move to less expensive housing.
 

Patslatt1

Well-known member
Joined
Nov 18, 2009
Messages
4,229
So the Housing Crisis was in fact caused by the Great Irish Famine. In collusion with the Courts.

I believe you are forgetting the Rand Corporation, the Reverse Vampires and the Saucer People.

You need to be committed to a psych ward.
The solution to getting low mortgage rates is a speeded up eviction process that will give foreign banks confidence to enter the Irish market. Why would you lend on a mortgage if you can't reposses the house in default in a reasonable time? Banks are not charities.
 

Patslatt1

Well-known member
Joined
Nov 18, 2009
Messages
4,229
thank left wing politicans for insisting that banks cannot repossess homes
The results of general elections in Poland and Italy were decided by huge social welfare bribes to low income regions in eastern Poland and southern Italy. Populist bullsand works.
 

Analyzer

Well-known member
Joined
Feb 14, 2011
Messages
45,623
The results of general elections in Poland and Italy were decided by huge social welfare bribes to low income regions in eastern Poland and southern Italy.
Given that Southern Italy turned against the ruling parties, I am left scratching my head concerning that point....MSM might have promised....but they were only making a promise. Poland tends to be fiscally conservative, compared to the PIGIS.

Eh..that would never happen here, surely ????

Baldy Noonan....and compensation for Eircom shareholders ???

Anyone ? Anyone ? Bueller ????
 

irish_bob

Well-known member
Joined
Jul 9, 2008
Messages
7,542
Mortgage banks aren't charities.
fr peter mc verry was on the ray darcy radio show last week making a call for it to be illegal for banks to repossess houses , might as well nationalise every inch of the country while were at it
 

Patslatt1

Well-known member
Joined
Nov 18, 2009
Messages
4,229
Given that Southern Italy turned against the ruling parties, I am left scratching my head concerning that point....MSM might have promised....but they were only making a promise. Poland tends to be fiscally conservative, compared to the PIGIS.

Eh..that would never happen here, surely ????

Baldy Noonan....and compensation for Eircom shareholders ???

Anyone ? Anyone ? Bueller ????
For instance, Poland lowered the retirement age to meet electioneering promises when it should have increased it in view of the rapidly ageing labour force. In Italy, the south has always been subsidised heavily to the point a separatist movement has become a significant political party in the North in protest. So the promise of massive bribes to the south will prove destabilising, especially in view of Italy's massive national debt relative to the size of the economy.
 

Patslatt1

Well-known member
Joined
Nov 18, 2009
Messages
4,229
fr peter mc verry was on the ray darcy radio show last week making a call for it to be illegal for banks to repossess houses , might as well nationalise every inch of the country while were at it
Even though I disagree with his advocacy of rent controls and bans on housing repossessions in mortgage defaults, McVerry's advocacy for social housing has generally been helpful. It has pressured the government and councils to face up to their disgraceful record on housing building which has pandered to NIMBY home owners who want nothing built anywhere near them. Hopefully giving Bord Pleanala fast track power to make decisions on large housing projects will cut through the vexatious planning permission red tape sagas that go on for years.
 

GDPR

1
Joined
Jul 5, 2008
Messages
217,782
Even though I disagree with his advocacy of rent controls and bans on housing repossessions in mortgage defaults, McVerry's advocacy for social housing has generally been helpful. It has pressured the government and councils to face up to their disgraceful record on housing building which has pandered to NIMBY home owners who want nothing built anywhere near them. Hopefully giving Bord Pleanala fast track power to make decisions on large housing projects will cut through the vexatious planning permission red tape sagas that go on for years.
Largely agree. Fast track powers have already been given to Bord Pleanala and seems to be working well.

Sent from my SM-A320FL using Tapatalk
 

Watcher2

Well-known member
Joined
May 2, 2010
Messages
34,559
Based on the EU Central Bank source,a recent Bloomberg chart showed that Irish mortgage rates net of deposit rates are 3.1% (eyeballed off the chart), compared to Spain 1.75%, Germany 1.5%, Netherlands 1% and France 0.56%. What would normally be profiteering in the huge Irish spread of 3.1% may well be justified.

That's because the snailpace Irish court procedures delay repossessions of houses in mortgage default for years longer than in many other countries. During these long delays, the condition of many houses deteriorates where owners can't afford maintenance or they resent court procedures.

So despite the lack of competition, foreign banks are not tempted by extremely high mortgage interest rates to enter the Irish mortgage market.

Irish home owners are being penalised by unnecessarily high costs of mortgages, costs that are particularly unfair on new house buyers who are not responsible for the past housing price bubble.

The obvious solution is that the government needs to prioritise speeding up court procedures. However, it seems to be deterred by the prevailing sentimental bias against evictions vaguely based on the history of cruel evictions of impoverished 19th century tenant farmers who farmed a few acres of potatoes.
The amount of delays and postponements is also criminal in the courts system. Its not just repossession proceedings but many other case types.
 


New Threads

Popular Threads

Most Replies

Top