Up to 300,000 Irish homeowners are in negative equity
- Fan photos show Fungi the dolphin in Dingle has a new companion
- Hurling like you’ve never seen, Colm Ó Méalóid freestyles (VIDEO)
- New York woman spends $25,000 flying horses to Donegal for retirement
- Boston bomb survivor Jane Richard sings national anthem at Fenway Park
- Bill Clinton snapped with Bono’s shades and Rory McIlroy in Dublin
A massive 300,000 homeowners could be trapped in negative equity according to the Irish Mortgage Corporation.
As a result, many homeowners are being forced to stay with their existing loan provoiders.
The curse of negative equity prevents property mobility according to Frank Conwaym the director of the Irish Mortgage Corporation.
"Homeowners who are in negative equity in their homes can owe as much as €200,000 or more than their property is actually worth. Despite the Government reducing stamp duty to 1% in the latest budget, it will make little difference to hundreds of thousands of property owners who are currently in negative equity," he told the Irish Examiner.
"For many mortgage holders who hold standard variable rates on their homes, those who are in negative equity will be unable to move to another lender for a better deal.
"During the property boom, Permanent TSB was the largest residential property lender in the Irish market. However, today, it no longer offers competitive fixed rate deals to existing customers. Typically, to switch to another lender, a mortgage holder could not exceed between 80% and 90% on their homes," he said.
According to data from the Economic and Social Research Institute, around 250,000 to 300,000 Irish homeowners are currentlt in negative equity.
Most Popular Blog Posts
- Notre Dame sues federal government again...
- Caroline Kennedy “selfie” in Japan reveals...
- Unionists regret US envoy Haass’ call for...
- Ireland wins top spot on Forbes’ Best Countries
- Smithwick inquiry finds Irish police may...
- Irish radio presenter suspended after anti-Isra
- Why Ireland needs to give its emigrants a...
- Married priests could well be Pope Francis'...
- Pope Francis calls capitalism “new tyranny”...
- Cork mother grieves for husband, son and...