Seanad debates

Wednesday, 28 January 2015

11:20 am

Photo of Darragh O'BrienDarragh O'Brien (Fianna Fail) | Oireachtas source

Yes. In regard to the new Central Bank rules published on mortgages, I welcome to some degree the slight change the Central Bank has made in regard to a 10% deposit on mortgages up to €220,000. However, I believe that 20% for mortgages above that is far too restrictive, particularly in urban areas. In Dublin, for example, look at what we are asking first-time buyers to save, although I acknowledge it is less than the full 20%. Look for example at people who are trying to upgrade, such as people stuck in apartments who want to buy houses. These people are not deemed first-time buyers and the full 20% requirement for them is far too much. I ask the Leader to schedule a debate on this issue. I understand the Minister will bring forward legislation to copper fasten the proposal and that is probably the time for debate. Does the Leader have any indication of when that might be?

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