The Irish Independent reports that the Government will for the first time admit today that tens of thousands of young people are in serious trouble with their mortgages.

A report will reveal that one-third of all new home buyers are signing 35-year 100pc mortgages - some for as much as €500,000.

Such is the level of concern over how “stretched” so many young buyers have become, the Government will issue a “health warning”.

Borrowers will be warned that they should bear in mind long-term costs and the fact that interest rates can change significantly.

House prices might be coming down but new buyers, with an average age of around 30, are still being locked into mortgages of more than €500,000.

Posted: 07|10|07 at 7:38 am. Filed under: Auction News.