Govt issues 'health warning' on 100% mortgages
The Government is issuing a "health warning" today about the long-term costs of 100% mortgages.
A new report from the Department of the Environment has revealed that, despite a fall in house prices, one-third of all new home buyers are signing 35-year mortgages, some for as much as €500,000.
The report also shows that the value of mortgages for 2006 was 50% higher that in 2004.
The Government is warning house buyers that they should bear in mind the long-term costs and the fact that interest rates can change significantly.
