Call For Central Bank To Change Rules For First Time Buyers

Fianna Fáil is calling on the Central Bank to changes its rules for first time buyers.

The party's Spokesperson on Finance, Michael McGrath, is urging a person's track record of paying rent to be taken into consideration as the hope of owning a home is "incredibly difficult" for aspiring home buyers.

Deputy McGrath said: "In our submission to the Central Bank on the review of mortgage rules, we suggested that the rules be amended to take account of a person's track record of paying rent. By paying rent over a number of years, a mortgage applicant has demonstrated a certain capacity to repay and this should be reflected in the rules governing how a mortgage application is assessed.


"The payment of rent can be taken into account in a number of ways. Our suggestion, for example, is that the current deposit requirement for first-time buyers be reduced by one third where the potential purchaser has a three-year track record of rental payments equivalent to at least 90% of their prospective mortgage.

"Allied to this, the government's priority has to be on measures that directly boost the supply of new homes in the market."

(CD/LM)