Mortgage rules need to be looked at again says Minister

A Cabinet minister is calling for mortgage rules introduced earlier this year to be looked at again.

It follows the release of figures today showing the continuing trend of rising rents and a previous study showing that mortgage repayments are now often a cheaper option.

It has prompted fears that people are finding it harder to save for a deposit on a property because they're struggling to pay rent.

Mortgage rules need to be looked at again says Minister

Minister for the Environment Alan Kelly has said he has huge respect for the Central Bank, but it is a difficult situation for people who want to buy a home.

“Having said that as someone who has just recently passed my thirties I feel that these rules need to be looked at again”, Mr Kelly said.

“They need to be tweaked because certainly that equation that you’ve just spoken about between rent and trying to save for a deposit is extremely difficult, if not near impossible for many young couples or young people out there especially if they are based around Dublin.”

READ MORE: Renting costs in Dublin have risen significantly this year


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