Second-time buyers getting crucified by the State again
After paying huge stamp duty and the highest interest rates in Europe, now they are being hit by first-time buyers
Published 27/11/2016 | 02:30
Okay, so you bought a starter home 10 years ago. Although you were working in the city centre, you couldn't afford to buy a house anywhere near where you worked or near where you were brought up. You considered buying a three-bed semi-d in Edenderry or a one-bed apartment in Dublin 15. In the end, you opted for the apartment, planning to trade up after a few years.
The price you paid probably included €40,000 VAT and another €10,000 in stamp duty. Now, 10 years later, your house is worth a lot less than you paid for it. Since then, you have taken pay cuts and you have faced increases in income tax and USC. As a responsible citizen, you paid your water charges and you have also paid your property tax.
As you were not lucky enough to get a tracker mortgage, you are one of the 300,000 Irish borrowers who are paying the highest mortgage rates in Europe.