I support calls today from party colleague and finance spokesperson Michael McGrath that the Central Bank rules on mortgage lending, in place since February of last year, need to be reviewed to examine the impact they are having on the ability of young couples and individuals to purchase their first home. In particular, he is calling for the rules to be modified in order that an established track record of paying rent is taken as evidence of ability to service a mortgage.
A survey carried out by Daft.ie last September found that it was cheaper to buy rather than to rent in 43 out of 54 areas covered by the survey. This means that, in up to 80% of the country, individuals and couples would actually be financially better off on a monthly basis paying a mortgage than paying rent for an equivalent property. In Kildare the average rent for a 3 bed house is €933 whereas to buy would cost between approx. €676 & €846*.
