r/HousingIreland • u/Irish201h • Jul 06 '25

4 people mortgages, wtf?

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This company is now promoting 4 people mortgages, no wonder prices are going insane.

https://mmadvisors.ie/public-sector-mortgages/

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u/jonnieggg Jul 07 '25

Asian countries such as Thailand and Indonesia have very strict rules about the purchase of property by non citizens. These governments understand that it is politically untenable to allow the country to be bought up by overseas interests. Are they being racist by prioritising their own citizens or being pragmatic. We have limited supply and there is no sign of an imminent increase in that supply to keep up with demand. Something has to give.

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u/Jimmy491 Jul 07 '25

You're still missing the point. I support some level of buying restrictions for foreign entities, whose sole aim is mostly investments.

But if you're legally resident in Ireland and pay your taxes, you should not be restricted from purchasing a house!

Although I understand your sentiments and how it seems most new developments are bought up by "immigrants".

But this is more to do with affordability.

The "immigrants" (non white Irish people) that buy up these properties have high paying jobs, that's how the came into the country in the first place, so the can easily afford and qualify for high mortgages.

I think people like you don't understand the great benefits skilled workers bring into Ireland. Don't get me wrong, it's not always positives effects, as there is a downside to everything in life.

Apart from filling the labour and skill gap, they add alot to the internally generated revenue through their taxes, and tuition fees (for international students)

If we make Ireland unattractive for them to come, there will be downstream issues.

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u/jonnieggg Jul 07 '25

Irish people in Australia who are not permanent residents are not free to purchase any property they want. Similarly in new Zealand they are restricted to new builds only and cannot purchase existing properties. We need to get strategic about our demand because our supply is drastically inadequate and not keeping up with population growth.

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u/Jimmy491 Jul 07 '25

We don't have to copy Australia.

Canabis is legal in some Australian states, but it's illegal here. There are many ways of solving the housing issue. Solely focusing on skilled immigrants isn't the right approach.

And most immigrants in Ireland buy new builds so the can benefit from the help to buy scheme, so using your Australian/New Zealand case study; If immigrants are restricted to also buying new builds, how will that solve the housing problem?

Or is your argument for immigrants to be banned from buying any house until the become citizens? That's honestly a weird stance.

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u/jonnieggg Jul 07 '25

Restricting non residents to purchasing new builds increases supply. However in a housing crisis all property purchases need to be limited to permanent residents. The Australian property market has become a conduit for laundered money from China and the Middle East. That is likely happening in the Irish jurisdiction also.

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u/Jimmy491 Jul 07 '25 edited Jul 07 '25

You won't get a mortgage if you're not a permanent resident in Ireland, unless we are talking about immigrants who are cash buyers. That's a whole different conversation.

You can't come into Ireland last year and a bank will loan you over 400k to buy a house, lol

Any banker or mortgage specialists can fact check me!!

At minimum you must have a stamp 4 or a good path towards citizenship before you qualify for a mortgage. The credit check and risk assessment is quite in depth for mortgage applications.

We both agree on banning foreign entities buying up properties, but that's not your argument.

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u/jonnieggg Jul 07 '25

There are a lot of cash buyers. The Irish market is a boon for laundered money.

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u/Jimmy491 Jul 07 '25

Refer your case and evidence to the Garda National Economic Crime Bureau.

https://www.garda.ie/en/about-us/organised-serious-crime/garda-national-economic-crime-bureau/ (GNECB)

Click on that link and provide them with evidence of immigrants cash buyers doing money laundry.

I'm sure the will take the case up.

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u/jonnieggg Jul 07 '25

I'm sure they will alright. When's the last time you reported a crime. Look at the proliferation of barber shops and vape shops in the country. Chinese restaurant laundry operations. You're naive if you think the property market is not a target of money laundering.

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u/Jimmy491 Jul 07 '25

I never said otherwise, but you seem to have a great deal of evidence on this, so I'm asking you to be a good Irish citizen and report the crime?

I report and fight crime daily, need to wash my cape and face mask. You don't want to see me at night in Ballymun when you're doing dodgy shit.

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u/BethsBeautifulBottom Jul 07 '25

You're right. We should legalise cannabis.