Tubrity show this morning

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  • #13127
    Financial Companion
    Participant

    Hi Folks,

    We’ll be discussing the government report on mortgage difficulties in the first hour of this morning’s show.

    Cheers,

    Dave.

    #117381
    Financial Companion
    Participant

    Make that the second hour!! 😉

    #117385
    Financial Companion
    Participant

    If anyone wants to have a listen to the piece about the government’s new proposals following the report about those in difficulty with mortgages, if you go to http://www.2fm.ie/show/86 and choose replay, I come on about the last 10 minutes of the show.

    Feedback welcome as always! 😉

    Dave.

    #117395
    Jedt
    Member

    Listened into that Dave, very interesting. I’m a bit confused though…(no smart comments please!! 😆 )

    Does the plan mean that even people who end up renting back their own homes, are still liable for their mortgage debt? so they are losing their home and having to rent it but will never own it but still owe the money for it? i don’t understand that fully….

    Can you explain what is the plan for people who are in arrears and negative equity, who are paying some of their mortgages but not the monthly amount they should be paying. So if they have arrears but are paying back a smaller amount, like interest only or a restructured agreed payment – what is going to happen to them?

    e.g. Take a couple who had 2 jobs and got a mortgage during the boom times based on their combined salaries at that time. Now, fast forward to today and the couple have either lost one or both of their jobs and are on a lesser income due to pay cuts or job losses – what will happen to them? what are the proposals for them?

    Its all a bit confusing….

    #117400
    Financial Companion
    Participant

    Hi Sabbi, as if I would ever mock your confusion 😯 😆

    Basically, these proposal are only really for those that are deemed will never realistically be able to pay their mortgage (in other words, the mortgage will just get higher and higher with interest) and the proposal would see them no longer have a mortgage, but pay a smaller rent and stay in their house. The difference between what the house is worth now and what mortgage is owed would still be a debt that they owe (new bankruptcy and personal insolvency legislation is proposed to deal with that side of things but that is not in place yet.) For people who are finding it difficult and currently paying less than they should, there is no immediate proposal to deal with that, although some options are being muted like reducing the mortgage to the current value of the property and "parking" the balance to be dealt with at a later stage, therefore improving people’s cashflow and affordability. The government are saying that if they deal with the "bottom" layer as described, it should stimulate the property market and therefore help the "middle" band of people in difficulty. I think they could have been a bit more creative with the proposals. If they put a few of us in a room for a few days, I’m sure we could come up with something a little more efficient.

    #117421
    happymumblemum
    Participant

    I think Aceveda comes from the same stock as Lettre 😆 😆

    #117425
    Financial Companion
    Participant

    Did I miss a post HMM??

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