Foreign Perspectives

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I’ve been going back and forth to Northern Ireland for quite a while now but in the past year it’s started to change quite dramatically.

For instance, the elve taking the money for the Santa photos was Polish and just about all the waiters/waitresses in the hotel were Polish. In fact, Polish workers are seen just about everywhere in Northern Ireland now.

The immigration to Northern Ireland is probably more striking than it is elsewhere in the UK in that there was virtually no immigration to Northern Ireland as recently as three or four years ago. So far, it’s not really changed much about the province but I’m sure that’ll change as the new immigrants settle into live there and start wondering about a few of the peculiar things that go on.

Popularity: 17% [?]

Perhaps one of the most interesting developments in the mortgage market in recent years is the arrival of chequebook mortgages. That’s interesting in the Chinese sense of the term in their curse “may you live in interesting times”.

A key aspect of a mortgage is that it’s a very, very long term committment. Typically the term is at least 25 years over which time untold numbers of changes to your life and lifestyle can take place. Children can arrive, grow up and leave home over that time, interest rates can go from 5% to 15% to 5% (and have done exactly that in the past), the area in which your house is in can even go from “up and coming” through “marked for demolition” and back to “attractive” (which has happened in areas of Belfast). That’s just the changes that can happen to anyone.

So, as I say, the arrival of chequebook mortgages is “interesting”.

For one thing, 25 years is so long that you just don’t think about arriving at the end of such a period and that, for a mortgage product, is a fatal error to make. Chequebook mortgages actively encourage that kind of thinking in that they effectively give you an overdraft of perhaps £100,000 or even more. It’s all too easy to spend that on the day to day things and find that you’ve absolutely no way to cover the final mortgage payment 25 years down the line.

Ah, but you’ll look at your statements all the time, won’t you? Many people don’t but even for those that do, that 25 year period is just too long to appreciate the problems that can befall you by spending just a little bit too much as you go along.

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As regular readers will know, I’ve been getting going on my direct mail campaign aimed at increasing the number of entries on the B&B and self-catering listings sites.

The second use of the mailing list for Scotland pulled in quite a considerable number of properties over the last two weeks. So much so that I’m going to have to implement the planned restructuring of the site well ahead of schedule.

For reasons which escape me, the England mailing hasn’t pulled in anything like the number that Scotland did. Something to explore the reasons for before I do the next one in 2008.

However, for the first time, I’ve targetted Northern Ireland. Early days yet of course, but it looks like the takeup will be relatively low. The size of the mailing was pretty much similar to that for Scotland but, so far, I’ve only received about 1/4 of the response. Still, perhaps some more will come in over the course of the weekend.

Popularity: 12% [?]