mortgage stuff (1 Viewer)

[Jim Daniels]

he was on the wireless this morning saying he got it wrong - can't remember the specifics

but he also said that some banks that had already said they'd agree to this were now refusing to accept anything other than monthly direct debits

Ah what?! That's a pretty big thing to get wrong!

He owns up here.. http://www.irishtimes.com/blogs/pricewatch/

I made a mistake…

Conor Pope
I am constantly trotting out the maxim that if something seems too good to be true then it is too good to be true. Well, I should have paid more attention to it when writing the article on how to cut the cost of your mortgage which appeared in The Irish Times yesterday. In that article I said that by paying a mortgage twice a month instead of once a month, more than €50,000 could be be knocked off a €300,000 mortgage over the course of a 30-year term. I said the savings would come at no additional or immediate cost to the mortgage holder.
This was wrong.
I could explain how the mistake happened but that’s largely irrelevant. The only thing that matters is that the article appeared under my name so I take full responsibility for it and apologise to anyone whose hopes I raised that such savings could be made without any cost to themselves.
The savings outlined only accrue when a person pays 26 fortnightly payments as opposed to 12 monthly ones. If you make 12 monthly payments of €1000 you pay €12,000 a year but if you make 26 fortnightly payments of €500 you pay €13000 which equals an extra month’s payment each year. This comes off the capital and reduces the term of the mortgage. While some savings can be made by simply splitting payments from once a month to twice a month, they are small as the mortgage holder is not paying off the capital any faster.
To add further to the confusion, the banks I spoke to last week said that twice monthly (or fortnightly) payments were possible yet when people contacted them on the back of my article they were told that they were not. Many of the banks say they will still facilliate fortnightly payments but some are now saying that they will not… They say they can do such a thing on an isolated case-by-case basis but if the practice was to become widespread it would upset their systems.
There are very real savings that can be made by paying a mortgage once every fortnight and it is a pity that some Irish banks have decided that they can not facilitate it.
But, this post is not about the banks. It is about my mistake. Again, I am sorry. And mortified.

 

[7 - No tomorrow]

Ah what?! That's a pretty big thing to get wrong!

He owns up here.. Pricewatch

I made a mistake…

Conor Pope
I am constantly trotting out the maxim that if something seems too good to be true then it is too good to be true. Well, I should have paid more attention to it when writing the article on how to cut the cost of your mortgage which appeared in The Irish Times yesterday. In that article I said that by paying a mortgage twice a month instead of once a month, more than €50,000 could be be knocked off a €300,000 mortgage over the course of a 30-year term. I said the savings would come at no additional or immediate cost to the mortgage holder.
This was wrong.
I could explain how the mistake happened but that’s largely irrelevant. The only thing that matters is that the article appeared under my name so I take full responsibility for it and apologise to anyone whose hopes I raised that such savings could be made without any cost to themselves.
The savings outlined only accrue when a person pays 26 fortnightly payments as opposed to 12 monthly ones. If you make 12 monthly payments of €1000 you pay €12,000 a year but if you make 26 fortnightly payments of €500 you pay €13000 which equals an extra month’s payment each year. This comes off the capital and reduces the term of the mortgage. While some savings can be made by simply splitting payments from once a month to twice a month, they are small as the mortgage holder is not paying off the capital any faster.
To add further to the confusion, the banks I spoke to last week said that twice monthly (or fortnightly) payments were possible yet when people contacted them on the back of my article they were told that they were not. Many of the banks say they will still facilliate fortnightly payments but some are now saying that they will not… They say they can do such a thing on an isolated case-by-case basis but if the practice was to become widespread it would upset their systems.
There are very real savings that can be made by paying a mortgage once every fortnight and it is a pity that some Irish banks have decided that they can not facilitate it.
But, this post is not about the banks. It is about my mistake. Again, I am sorry. And mortified.

I like Conor, but he is in over his depth talking about mortgages.
His remit is what pot noodle is better value for money and he should stick to it.


Anyway, the ECB have dropped their rate to 0.25

W00t!!!!

 

[Theseus Mock]

His remit is what pot noodle is better value for money and he should stick to it.

Ha, that's totally summed him up. Conor Pope's non-consumer affairs journalism is an exercise in portraying himself as a buffoon Laurel & Hardy character.

 

[7 - No tomorrow]

Ha, that's totally summed him up. Conor Pope's non-consumer affairs journalism is an exercise in portraying himself as a buffoon Laurel & Hardy character.

I don't know how he got that job. It's amazing. Good luck to him like, he seems like a decent sort. Just seems like he got the job at a dinner party or something.

 

[nlgbbbblth]

"it is a pity that some Irish banks have decided that they can not facilitate it."

It's not that fucking simple Conor.

 

[7 - No tomorrow]

"it is a pity that some Irish banks have decided that they can not facilitate it."

It's not that fucking simple Conor.

Absolutely amazing that he got that printed in the first place.

I know this is two years ago and all.

 

[magicbastarder]

speaking of direct debit, i'm a customer of electric ireland for the electricity, and when i rang them to add gas supply onto my account, they refused unless i would agree to move to direct debit.
so i'm moving to bord gais.

 

[7 - No tomorrow]

Anyway, the ECB have dropped their rate to 0.25

W00t!!!!

They dropped it by 0.25%
I'm a moron.

 

[nlgbbbblth]

It is 0.25%

 

[7 - No tomorrow]

That's what I thought.

I got this note from the EBS that confused me.

They're 1.5% above ECB, I guess.

01/12/2013 Int Rate Change From 2.0000 To 1.7500

 

[nlgbbbblth]

ECB + Margin = Tracker rate

So
ECB + 1.5% looks to apply here

 

[Lili Marlene]

IMHO WTF

Group reports ‘monumental upsurge’ in mortgage deals - The Irish Times - Wed, Mar 19, 2014

 

[7 - No tomorrow]

IMHO WTF

Group reports ‘monumental upsurge’ in mortgage deals - The Irish Times - Wed, Mar 19, 2014

The banks must know what they're doing, but fuck me that's a good deal for the homeowners.

 

[nlgbbbblth]

can't pay vs won't pay

There's a surprising number of the latter.

 

[7 - No tomorrow]

can't pay vs won't pay

There's a surprising number of the latter.

I'd have thought they'd extended the term rather than forgive debt.

I am no expert though.

 

[nlgbbbblth]

Comes down to capital costs. If the mortgage is already on a (loss-making for the bank) tracker then better to re-negotiate at a better rate. The example quoted doesn't mention what price the existing borrowing was on but they have now switched to a standard variable rate.

Extending the term past 70/72 years of age is problematic. They're already pushing it by going to 65 y.o.

 

[7 - No tomorrow]

Comes down to capital costs. If the mortgage is already on a (loss-making for the bank) tracker then better to re-negotiate at a better rate. The example quoted doesn't mention what price the existing borrowing was on but they have now switched to a standard variable rate.

Extending the term past 70/72 years of age is problematic. They're already pushing it by going to 65 y.o.

I didn't read the whole thing. Makes sense.

 

[Mormon Nailer]

speaking of direct debit, i'm a customer of electric ireland for the electricity, and when i rang them to add gas supply onto my account, they refused unless i would agree to move to direct debit.
so i'm moving to bord gais.

Same for me.

"Sorry but I don't do direct debits"
"We won't set up the account without a direct debit, you are a new customer we don't know anything about you"
"I don't know anything about you either! How long has your company been around?"

it went on like this for a few minutes.

The greatest trick the corporate world ever played on society was the one where they made it socially unacceptable to be a cunt to a person in a call centre, then refuse to engage wuth customers except through call centres.

 

[pete]

they made it socially unacceptable to be a cunt to a person in a call centre

oh i don't think so

 

[Lili Marlene]

The greatest trick the corporate world ever played on society was the one where they made it socially unacceptable to be a cunt to a person in a call centre,

HAHAHAHAHAHAHAHAHAHA


HAHAHAHAHAHAHAHAHAHAHA


What fucking planet are you living on?