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Leo's 100% mortgage (with no help from his parents): 5 things to know in property this week
Plus IKEA’s tentative plans for a south Dublin store.
WHAT’S HAPPENING IN the world of property this week? Sometimes it can be hard to keep up, which is why we’ve created this bite-sized digest of this week’s biggest stories.
This week, our Taoiseach’s mortgage is making headlines, as is a new scheme to help first time buyers…
1) Leo: ‘I didn’t need help… I got a 100% mortgage’
Speaking in the Dáil this week, An Taoiseach Leo Varadkar stated that “lots of us” received help for mortgages by going abroad, or asking our parents for a loan. Criticism was mounted against the Taoiseach, saying that he was out of touch with reality with these comments.
Varadkar cleared things up to TheJournal.ie, saying “As it happens, I didn’t get any help with my deposit when I bought my home. I didn’t need it as I got a 40-year 100% mortgage from the bank.” He also acknowledged that a 100% mortgage was, in hindsight, “bad policy”.
2) New first-time buyers’ scheme gets lukewarm reaction
A new scheme set up to help first-time buyers with their mortgages has been dubbed “subprime lending” by critics. The scheme, which aims to allow 1,000 prospective homeowners to buy a house with a government-backed mortgage, will be available to individuals who earn €50,000 per year, and to joint applicants who earn €75,000.
The plan has been met with tepid reactions thus far, with many raising concerns over the possible inflationary impact on the housing market, and others criticising the plan for not going far enough.
3) Dún Laoghaire residents victorious in eviction battle
The Residential Tenancies Board (RTB) has ruled that lease termination notices served to a number of homes in St Helen’s Court – a complex in Dún Laoghaire – were invalid. The notices were given by financial services firm PwC on behalf of Apollo Global Management and Deutsche Bank, and cited a need to refurbish.
The residents appealed this eviction notice to the RTB, who noted that the necessity of moving out tenants could not be proven in this case, and that “a legally binding determination order will [be issued] to both parties in due course.”
4) Calls for dodgy builders to be banned from public projects
A report published this week by the Housing Committee has called for new policies preventing builders working on public projects if they have previously been in breach of safety standards. The report also called for higher standards in new buildings, and protections for homeowners who live in defective properties.
The report said that it aims to “prevent [public] contracts from being awarded to developers, builders or associated construction professionals found to be in serious breach of building standards or fire safety regulations.”
5) Live in south Dublin? IKEA is en route (maybe)
Swedish furniture giant IKEA met with Dún Laoghaire-Rathdown Council this week to discuss “the principle of IKEA developing a store” in south Dublin. The company currently operates a large store in Ballymun and a smaller store in Carrickmines. Plans to open a store in Cherrywood in 2014 failed, however.
Ikea “has no specific site” at this time, according to a council spokeswoman – but rumours about a store in Co Cork also abound, so watch this space.
And finally, this week’s property buzzword…
We’re breaking down the complicated world of property jargon, one buzzword at a time. This week, it’s tongue and groove. Tongue and groove is a method of fitting similar objects together, edge to edge, used mainly with wood, in flooring, parquetry or panelling. Want an example? Check out this week’s VR tour home.
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