The demise of 100% Mortgages

Mortgages in Ireland continue to evolve, with 100% mortgages in Ireland now a thing of the past. We saw the 100% mortgage products die off here in 2008 because of falling asset prices, the credit crunch and liquidity problems banks are having. Assuming a mortgage will always be less than the value of a property is a misconception and for that reason many people are finding themselves in negative equity.

However, that isn’t the end of the world, if you are in negative equity the loss is ‘real’ but not ‘realised’ unless you sell up at a loss. This is perhaps not a cure but it gives some perspective to dealing with the situation. Our firm have been brokers in Dublin for quite some time, and combined we have over 100 years of experience in helping our clients get the cheapest mortgage rates and to make financial plans, however, in the current environment more than ever we are finding that broker advice is vital because there is literally so much at stake for peoples finances. Property is taking a hit, …

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