Return of Celtic Tiger style Banking?
By Anthony Connor
Some Banks are offering large sums of cash to lure potential House-Hunters and Direct Democracy Ireland are urging people tempted by these offers to air on the side of caution.
Some banks are offering as much as €1,500 in cash to entice would be-applicants, but it could end up costing thousands of euro extra in the long term. We would advice people hoping to get onto the property ladder to shop around and not fall for these banks who’s only aim is to make a profit so the phrase “you get nothing for nothing comes to mind”.
Anthony Connor General Secretary of Direct Democracy Ireland said the banks are making hard line moves, reminiscent to the Celtic tiger days in a bid to shore up the lucrative market of FTB (First Time Buyers). It has emerged that Ulster Bank is offering €1,500 in cash, While Permanent TSB will hand you €1,000, other offers available are KBC bank offering applicants six months free insurance and €1,000 in cash to all successful mortgage applicants, Bank of Ireland is offering up to 2% of the value of the loan which could amount to a sizeable amount.
Currently in Irish courts there are thousands of families who fell for these types of offers in the past, and are now having to deal with the thousands of euro extra that these, type of offers have cost them. On the face of it these offers may look very attractive but that’s what they are designed to do, to lure in potential Home Buyers.
So the message from Direct Democracy Ireland is shop around get the best long-term deal and do not be tempted by banks offering sun moon and stars, because at the end of the day, you have to ask, do they have your best interest at heart.