Fianna Fáil’s Sean Fleming TD has welcomed reports that the Government is set to revise the requirement that assistance for first time buyers will only be available to those who are taking mortgages for 80% of the value of the property.
Deputy Fleming highlighted this issue in his response to the budget in Dáil Éireann on 12th October and asked the Minister to revisit the 80% requirement.
He commented, “Fianna Fáil has made clear its dissatisfaction with the Government’s proposed scheme since it was first floated. My colleagues and I have been critical of a number of aspects of the scheme, including the inclusion of homes up to €600k and the refusal to apply it to second hand homes.
“One area which we also expressed concern about was the proposal that assistance was only available if a buyer took out an 80% mortgage, meaning effectively that people who had been saving for a home before this scheme was announced would be forced into more debt if they wanted to avail of it. I highlighted this point in my initial contribution in response to the budget speech.
“If the reports that this element is going be relaxed are accurate, this is a welcome development.”