Remortgage advice

[Jell 0 Biafra]

All very different to how it works stateside.  20 or 30 year mortgages are standard.  You can go with fixed interest for the full term, or chance it with one that fluctuates along with general interest rates.

Refinancing is (or at least was a few years ago when we did it) fairly handy too.  The rates were moving down, and we would get letters every few weeks from the big banks to refinance.  Saved us a fair whack when we actually did it, during the Obama years.

[J70]

Most of you lads who are commenting seem to be on very short term mortgages.

Is that the norm in Ireland?

Yes, Ive read they are typically much longer in America. One of the tactics talked about for getting out of this unpredictability is to offer long term mortgages like the states.

Ours is 30 year fixed. Got in low and refinanced a couple of years back for a lower rate still.

[seafoid]

It all depends on timing

[imtommygunn]

Most of you lads who are commenting seem to be on very short term mortgages.

Is that the norm in Ireland?

It's the "discount period". The mortgage terms would still be 25 or 30 years.

You get that rate for 2 years but usually pay a feee to get it. If you're not in that standard period you go to svr where you get royally screwed -usually.

[God14]

Most of you lads who are commenting seem to be on very short term mortgages.

Is that the norm in Ireland?

Yes, Ive read they are typically much longer in America. One of the tactics talked about for getting out of this unpredictability is to offer long term mortgages like the states.

Ours is 30 year fixed. Got in low and refinanced a couple of years back for a lower rate still.

Wasnt aware that was the case...

How do the US/ fed control inflation then? Obviously we are accustomed to Govt / BOE raising interest rates to stem inflation & then lowering them to encourage economic growth, consumer spending and so on. And the cycle continues

[J70]

Most of you lads who are commenting seem to be on very short term mortgages.

Is that the norm in Ireland?

Yes, Ive read they are typically much longer in America. One of the tactics talked about for getting out of this unpredictability is to offer long term mortgages like the states.

Ours is 30 year fixed. Got in low and refinanced a couple of years back for a lower rate still.

Wasnt aware that was the case...

How do the US/ fed control inflation then? Obviously we are accustomed to Govt / BOE raising interest rates to stem inflation & then lowering them to encourage economic growth, consumer spending and so on. And the cycle continues

The Federal Reserve does the same in the US.

It's affecting housing supply at the moment. First time buyers, even if they do qualify for what is now a much more expensive mortgage, are faced with fewer options because those already in houses are much more reluctant to sell. Even though housing prices significantly increased over the past five years, partly due to telework opening up a lot of places to growth, those already on the ladder are sitting on a low rate mortgage and don't want to give that up to move somewhere else on a higher rate.

[clarshack]

BOE raises rates from 4.5 to 5%. Ouch.

[LC]

BOE raises rates from 4.5 to 5%. Ouch.

This could be the straw that breaks the camels back.

[marty34]

BOE raises rates from 4.5 to 5%. Ouch.

This could be the straw that breaks the camels back.

More rises to come if they want to bring inflation down.

Two members voted not to change the rate at all. Wtf?

[Milltown Row2]

How do they stablise it? Talk of going back into a recession to help, more wages bigger inflation higher rates..

Can't wait to go on holiday this year, it may be the last

[Mourne Red]

Would a VAT cut and corporation tax increase not help ease this at all?? Was the go to measure in the 2008 crisis.. Genuine question for the more financially clued in members of the board.

Not sure what drawbacks there would be on this? I know Truss wanted a VAT cut but people rebelled and though Rishi had saved the day but look at how the economy is under that tit now

[RedHand88]

Would a VAT cut and corporation tax increase not help ease this at all?? Was the go to measure in the 2008 crisis.. Genuine question for the more financially clued in members of the board.

Not sure what drawbacks there would be on this? I know Truss wanted a VAT cut but people rebelled and though Rishi had saved the day but look at how the economy is under that tit now

I'm no expert either, but I'd hazard a guess that a VAT cut just gives retailers more of a profit margin. There's no guarantee the cut is passed on to the consumer and let's face it, it probably wouldn't. Big retailers will just cry about the cost of everything else as justification.

[clarshack]

How do they stablise it? Talk of going back into a recession to help, more wages bigger inflation higher rates..

Can't wait to go on holiday this year, it may be the last

Could well be the case for a lot of people.

[armaghniac]

Would a VAT cut and corporation tax increase not help ease this at all?? Was the go to measure in the 2008 crisis.. Genuine question for the more financially clued in members of the board.

Not sure what drawbacks there would be on this? I know Truss wanted a VAT cut but people rebelled and though Rishi had saved the day but look at how the economy is under that tit now

The UK government has a big deficit and it already has corporation tax higher than other places. Cutting VAT is expensive and if the UK government does not put forward a credible plan than the markets will not lend it money, bond rates will rise and that will drive up interest rates further. At present the UK bonds are at 4.35% while the Irish ones are 2.8%, borrowing is expensive for the government too. They could print money, but then Sterling would fall and that would put up prices of all imported products. They might be able to tax the rich folks and non doms at bit more.

[imtommygunn]

Would a VAT cut and corporation tax increase not help ease this at all?? Was the go to measure in the 2008 crisis.. Genuine question for the more financially clued in members of the board.

Not sure what drawbacks there would be on this? I know Truss wanted a VAT cut but people rebelled and though Rishi had saved the day but look at how the economy is under that tit now

The UK government has a big deficit and it already has corporation tax higher than other places. Cutting VAT is expensive and if the UK government does not put forward a credible plan than the markets will not lend it money, bond rates will rise and that will drive up interest rates further. At present the UK bonds are at 4.35% while the Irish ones are 2.8%, borrowing is expensive for the government too. They could print money, but then Sterling would fall and that would put up prices of all imported products. They might be able to tax the rich folks and non doms at bit more.

Not this government.