Bank survey - Guarantor details linked to high costs

IN the past decade, more than one-third of people over 60 years have acted as guarantor or helped with a house deposit for their children.

This fact is contained in a survey by Bank of Ireland, which also shows that 85% of the over-60s are happy with their standard of living.

According to a previous survey by the same bank, the average Dublin house will cost about €532,000 before the year is out because mortgage lending rates will soar to record levels. Nationally, it reckoned the average price of a house at about €395,000.

Possibly because of the rising cost of houses, the bank included in this latest survey a definition of a guarantor, their responsibilities and their liability for the debt, or a certain amount of it.

Hopefully, they will not be called on to honour that commitment and that their children will be able to keep up with the mortgage repayments.

In that case the over-60s should be able to become part of the 30% of society who said they were free from financial worries completely and whose biggest fear concerned their health.

What were considered to be the best aspects of Ireland were financial prosperity, standard of living and high employment. Crime, violence, drug and alcohol abuse were just ahead of the cost of living as the worst aspects.