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    ECB set to raise interest rates

    ECB set to raise interest rates

    07 December 2006 07:29<?:namespace prefix = rte ns = "urn:rte-search" /><rte:>


    The European Central Bank is set to raise its key interest rates later today.


    It is thought that the bank's main refinancing rate will increase by 0.25% to 3.5%, which would bring euro zone rates to their highest level in five years.


    The ECB's expected move comes a day after Minister for Finance Brian Cowen announcedthe doubling of mortgage interest relief for first-time home buyers in the Budget.


    The relief, which is paid monthly, will increase from €4,000 to €8,000for a single person, rising to €16,000for a married couple.
    </rte:>

    #2
    Take with one hand and give with the other[img]smileys/thumb-down.gif[/img]

    Comment


      #3
      Not sure if it's fair to blame the locals for this.

      Comment


        #4


        Todays rise will eliminate the extra relief awarded yesterday if your mortgage is about €300K AFAIK.


        Everybody knows that the rate will rise today, what is important is what he says about the next 12 months, regarding future rises and falls. Lots of people have 3.75% priced in already and many are forecasting 4%

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          #5
          4% is possible but it's hard to see it going above there.

          Comment


            #6


            4% !! I was paying a mortgage about 1992/1993 at 16% and 17%. Dunno what everyone is complaining about.

            Comment


              #7
              Originally posted by blackandwhite


              4% !! I was paying a mortgage about 1992/1993 at 16% and 17%. Dunno what everyone is complaining about.


              Awww. You puddy ting.[img]smileys/sad.gif[/img]What are your repayments now?? 10p??


              Difference being buddy is that you paid 37p for your house instead of the now obligatory €350K+[img]smileys/biggrin.gif[/img]
              It happened, and I was there.
              4.48pm, Saturday 20th May 2006.
              What does grease taste like? Is it like chicken?

              Comment


                #8
                If (and I don't think they will) rates went to 6%, the property bubble would burst in a spectacular, and painful fashion.



                Banks would fail, repos would be an everyday event....

                Comment


                  #9


                  Originally posted by Dermot G
                  If (and I don't think they will) rates went to 6%, the property bubble would burst in a spectacular, and painful fashion.

                  Banks would fail, repos would be an everyday event....

                  I am not so sure. People are still driving nice expensive cars, having two holidays per year, drinking, going on away trips to games etc. People would have to adjust their lifestyles but wouldbe able to keep on to the houses.


                  P.s. from listening to some contributors whinging about stamp duty etc you'd almost think they expected the government to buy them all 500,000 euro houses.There was a 23 year old student who was working part time on Newstalk yesterday morning whinging how he cant afford to buy in Dublin. [img]smileys/lol.gif[/img]
                  My computer thinks I'm gay
                  What's the difference anyway
                  When all the people do all day
                  Is stare into a phone

                  Comment


                    #10
                    Originally posted by sewa


                    I am not so sure. People are still driving nice expensive cars, having two holidays per year, drinking, going on away trips to games etc. People would have to adjust their lifestyles but wouldbe able to keep on to the houses.

                    I'd be curious to know how much of thast is due to "equity release" though sewa.
                    Please support Milford Hospice. Click here to donate.

                    Comment


                      #11
                      Originally posted by fitzy73
                      Originally posted by sewa


                      I am not so sure. People are still driving nice expensive cars, having two holidays per year, drinking, going on away trips to games etc. People would have to adjust their lifestyles but wouldbe able to keep on to the houses.

                      I'd be curious to know how much of thast is due to "equity release" though sewa.

                      A good point but if people choose to take silly risks with there money...


                      My computer thinks I'm gay
                      What's the difference anyway
                      When all the people do all day
                      Is stare into a phone

                      Comment


                        #12
                        People are very heavily borrowed at present.



                        Mortgage, holiday home ,car, credit card, and lifestyle/holiday loan,
                        christmas/birthday, pimp, and drug dealer is not an unusual array of
                        debts [img]smileys/wink.gif[/img]


                        Comment


                          #13


                          While I think Stamp Duty for a FTB is intrinsically wrong and unfair, there is very little they can do about it now and not cause problems in the property market. It should never have been there in the first place for someone who wants to buy their first home as you should not be penalised for wanting the "luxury" of somewhere to live.


                          However, I am delighted with the outcome yesterday as it helps me and to be fair, that's all I'm really concerned about here!! I already have a house and any changes in SD weren't going to benefit me, except todrive the price of my house up another decade or two, but as I ain't selling any time soon i'm not bothered.Taking another €130 off my mortgage every month is very welcome indeed, even though it will probably only be €90 after today. Still, €90 a month is a holiday somewhere nice paid for by next year!


                          I gave up the fags a good while back so they ain't getting it all back from me there either[img]smileys/wink.gif[/img]All in all, I'm happy with the outcome yesterday.
                          It happened, and I was there.
                          4.48pm, Saturday 20th May 2006.
                          What does grease taste like? Is it like chicken?

                          Comment


                            #14
                            Check out this genius - http://boards.ie/vbulletin/showthread.php?t=2055024689
                            Kiva - Loans That Change Lives

                            Comment


                              #15
                              Originally posted by Ballyman
                              Originally posted by blackandwhite


                              4% !! I was paying a mortgage about 1992/1993 at 16% and 17%. Dunno what everyone is complaining about.


                              Awww. You puddy ting.[img]smileys/sad.gif[/img]What are your repayments now?? 10p??


                              Difference being buddy is that you paid 37p for your house instead of the now obligatory €350K+[img]smileys/biggrin.gif[/img]


                              Probably would have been if I had left it as it was but I didn't.





                              However, my wages then were less than a third of what they currently are so things are relative.


                              Comment

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