Thursday 21 February 2013
This morning, wiping the sleep out of my eyes whilst waiting for the kettle water to boil, I could have sworn I heard someone on Morning Ireland say something along the lines of:
"...the Financial Regulator has said that people should be up-to-date on their mortgage payments before taking on other loans. Mortgage payments should be a priority..."
As stated, I was only half-awake, so perhaps heard it wrong. But Ireland is such a mad place that anything is possible.
There is, you see, a suspicion that many people who are in a position to pay their mortgages simply choose not to, because they don't like being in negative equity. They also know that repossession rates in Ireland are way behind those of the UK... even for buy-to-let investors.
Now I am not saying that the first letter writer in this week's Irish Times falls into either of the categories above - she pays her mortgage diligently, as evidenced by previous correspondence to that same newspaper - but the missive betrays a certain mindset many in Ireland have in relation to post-bubble property debt.
I am sure there are even buy-to-let investors who borrowed large during the bubble in the hope of making a larger profit. Would they too think their mortgages should be "recalculated" to take into account current market value?
And if they succeeded in doing so, who would pick up the tab?
You know the answer to that, Muggins.
Irish Times Letters, February 16th
Sir, – At last the Government and the Revenue Commissioners will calculate the true value of my home.
I will send this on to my mortgage provider who can then duly recalculate my mortgage based on this invaluable information. – Yours, etc,
Posted by The Gombeen Man at Thursday, February 21, 2013