Public Meetings: Mortgages and Lending

Noone calls for mortgage rules to be amended

Fine Gael Dublin Senator, Catherine Noone, has today (Tuesday) called on the Central Bank to consider amending its draft regulations on mortgage deposits following the end of the consultation period on the issue.

Senator Noone said: “Against a backdrop of rising prices and rising rents, what is needed now is the enforcement of a realistic and responsible deposit level – such as 10%. I am concerned that the proposed requirement of a 20% deposit will keep rents at the unacceptably high level that they are now at. People will be forced to pay rents for a longer period of time while toiling to save for a deposit which is unreasonably high. For instance, recent Daft.ie figures show the average rent in Dublin has risen to over €15,000 per annum”.

“The reality is that, while Government doesn’t have any formal role in the imposition of this deposit figure, we have a right as public representatives to voice our concern over the implementation of this regulation.

“This Thursday, I will be holding a public meeting with Brian Hayes MEP and Ross Maguire from New Beginnings, where we will discuss these mortgage regulations, the provision of mortgages and the ongoing issue of mortgage arrears. Brian Hayes recently published an editorial outlining his own views on this mortgage situation, while Ross Maguire has been to the forefront of helping those who have difficulties with their own mortgages.

“I believe that the Central Bank has a role to play in bringing about sustainable, responsible lending in this country. However, I also believe that the current generation deserves to get on the property ladder without overly onerous obstacles being thrown in the way. I hope the Central Bank will listen to the widespread concern that has been expressed by would be homebuyers, politicians and economists and that these pleas won’t fall on deaf ears.”

© Catherine Noone – Dublin Senator 2011. | Wordpress Webdesign by: exSite