Sir, – The recent significant increases in mortgage interest rates once again highlights the folly of allowing mortgage terms of 30 to 35 years. When a sharp rise in interest rates occurs, the option to increase the length of the mortgage for those finding it difficult to meet their repayments is either much more difficult or unavailable if the initial term of their mortgage is 30 to 35 years.
In the current housing market where demand exceeds supply, the availability of 30- to 35-year mortgages fuels higher house prices and greater personnel debt. Limiting the term of mortgages to 20 years for first-time buyers and 15 years for second and subsequent mortgages would contain and decrease house prices and reduce personnel debt. It would also eliminate the need for €30,000 tax refund to first-time buyers as the longer term available for their mortgages would enable them to be more competitive in the market and eliminate the cost of the refund to the State. – Yours, etc,
DONAL WYSE,
Lusk,
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Co Dublin.
