Central Bank should abandon plans for 20% mortgage deposit
The Central Bank should not proceed with plans requiring homebuyers to have a 20% deposit in place before being approved for a home loan, according to SIPTU General President, Jack O’Connor.
The Central Bank is expected to decide next week whether or not to proceed with the controversial plans to change the loan-to-value (LTV) ratios which banks apply for home loans and to require lenders to impose an income threshold of 3.5 times earnings when considering mortgage applications.
Jack O’Connor said: “If implemented as currently envisaged, these plans would put home ownership beyond the reach of thousands of individuals and couples. They would in fact make it the exclusive preserve of the better-off, those able to access inherited wealth and of serial investors. Many of our members have expressed concern about the impact of this proposal on them, or their children, and their chances of getting on to the property ladder.”
Liberty Online is produced by the Communications Department of SIPTU. Liberty Online is distributed on a regular basis to members who are on the SIPTU e-mail data base. In order to maximize circulation of this news bulletin and other messages and statements we urgently ask recipients to gather the e-mail addresses of other SIPTU members who are not already on the data base. Please forward e-mail addresses to communications@siptu.ie
SIPTU Head Office | Liberty Hall | Dublin 1 | Ireland