First time buyers won’t be punished for a crash they did not cause – Deering
28th January 2015 - Fine Gael Press Office
Fine Gael TD for Carlow/Kilkenny, Pat Deering, has today welcomed the Central Bank’s common sense approach to the issue of mortgage deposits, saying it is good news for first time buyers.
“The announcement by the Central Bank that 10% deposits will apply to first time buyers is very welcome as part of an overall responsible approach to mortgage lending.
“The rumours of 20% deposits for everyone had a lot of first time buyers very worried, but this shows a real common sense approach.
“There is a conflict between keeping rental and purchase prices under control. Favouring one in particular affects the other and it is important to ensure balance across the housing market.
“The new rules will mean that first time buyers will have to provide very reasonable 10% deposit for a house, valued up to €220,000. While a 20% deposit will be required for any amount above this price, or for non-first time buyers, it is important to note that anyone in negative equity will fall into this category.
“The new Central Bank rules will help prevent us returning to the crazy unsustainable lending of the Celtic Tiger era. A good example is the fact that the Central Bank is retaining the 70% loan to value limit for buy-to-let loans. Nobody wants to go back to those days and risk another property bubble and destructive economic crash.
“This common sense approach from the Central Bank is very welcome to ensure a sustainable property market that won’t punish first time buyers for a crash they did not cause.”
Related news
Tánaiste appoints Deputy Colm Burke as first ever Fine Gael Cork spokesperson
Tánaiste and Fine Gael leader, Simon Harris, has appointed Deputy Colm Burke as the party’s first ever spokesperson for Cork.…
27th June 2025Statement from Tánaiste and leader of Fine Gael Simon Harris on retirement of RTÉ presenter Joe Duffy
“Today marks the end of an era as you hang up the microphone for the last time. “I know today…
27th June 2025Moment to build a rejuvenated capital city starts now with Taskforce action – Geoghegan
Government’s greenlight today for the report of the Dublin City Taskforce has the real potential to deliver the positive change…
24th June 2025