Seanad debates

Tuesday, 7 October 2014

3:20 pm

Photo of Marie MoloneyMarie Moloney (Labour) | Oireachtas source

I also welcome the delegation to the Visitors Gallery and I hope they will have time during their stay to visit Kerry, the nicest part of Ireland. I would love them to visit.

I refer to the Central Bank's announcement earlier regarding new mortgages. I agree with the proposal to ensure mortgages are no more than 3.5 times the earnings of the applicant. As Senator O'Donnell said, all of us were restricted to 2.5 times our earnings when we went to buy our family homes. Unlike Senator Brennan, I have a problem with the requirement for a 20% deposit, in particular for young couples who rent private accommodation prior to purchasing a home. They are not in a position to come up with, say, a €50,000 deposit for a €250,000 house because they have spent their money on rent.

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