'To get a mortgage was difficult; you needed a long history of saving in one of the building societies '

File: http://www.lifehistoriesarchive.com/Files/BGS27.pdf

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Title

'To get a mortgage was difficult; you needed a long history of saving in one of the building societies '

Description

Billy Gallagher remembers buying his first home in Blackrock. He describes the difficult in getting a mortgage in those days.

Creator

Billy Gallagher

Publisher

Trinity College Dublin

Date

1965

Rights

This item is protected by original copyright

Access Rights

This content may be downloaded and used (with attribution) for research, teaching or private study. It may not be used for commercial purposes without permission.

Relation

Billy Gallagher

Is Part Of

Marriage and Family

Type

Life Story

Spatial Coverage

Co. Dublin, Rowanbyrn, Blackrock

Temporal Coverage

1960's

Life Story Item Type Metadata

Text

A year later we bought 16 Rowanbyrn in Blackrock for £9,800. We got the maximum mortgage of £7,000 (you were only allowed 70% of purchase price and also the husband's salary was only considered in calculating what repayments would be possible). At that time there was a period of inflation in Ireland and not long after that the rampant inflation period of 'Red Richie Ryan'. Inflation peaked, brought on by an oil crisis, at 27%. To get a mortgage was difficult; you needed a long history of saving in one of the building societies and they hated people who were self-employed (they didn't trust their figures). We were at a wedding in Lamb Doyle's and Michael Fingleton was one of the guests. He was running 'The Irish Industrial Building Society' in Upper Camden Street. I never left his side and got my mortgage accordingly. Over subsequent years I remortgaged several times and always it took one phone call to Fingleton and the job was done. I was still paying off that bloody mortgage when I eventually retired in 2010 from the tax free element of my pension fund. When the Irish Industrial was changing its name to The Irish Nationwide I was there in a 'packed' audience to support my friend. He has always been most supportive and honourable, he built that building society from nothing to significance before it all blew up in his face.

Sponsor

Irish Research Council for Arts, Humanities & Social Sciences (IRCHSS)

Research Coordinator/P.I.

Dr Kathleen McTiernan (Trinity College Dublin)

Senior Research Associate

Dr Deirdre O'Donnell (Trinity College Dublin)

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