Fianna Fáil Finance Spokesperson, Michael McGrath TD has said that he is disappointed by the comments over the weekend by the Deputy Governor of the Central Bank of Ireland, Sharon Doherty which suggested that they were unlikely to amend the rules and guidelines on mortgage deposits.

“The rules, as presently drafted, are undoubtedly having a negative effect on the ability of buyers to get on the property ladder and are also denying many families the opportunity to trade up to a more suitable home.”

“These rules were designed to help slow the heating up of the housing market. What cannot be denied is that the current rules are putting home ownership beyond the reach of many thousands of potential first time buyers, especially those trapped paying massive rents in the private market.

“The Central Bank needs to be open to change, and there is enough evidence for them to re-visit the rules, and accept the sensible Fianna Fáil proposals which would open up mortgages to long-term renters with proven track records.”

“Our proposals, which would allow one third of the deposit requirement for first time buyers be met by taking into account rent payments over the previous three years would significantly open up the mortgage market. We also want to see the same deposit rules applying to non-first time buyers as those buying for the first time” said McGrath.

“The mortgage deposit rules need to be flexible, and fair. Anything other than this will put home ownership out of the reach of entire generations of young people,” concluded McGrath.