20% mortgage deposits put ownership out of reach

Just 15% of people believe they will be able to afford a mortgage under Central Bank proposals that would require applicants to save a 20% deposit.

The deadline for submissions to the Central Bank on the new proposals closed at midnight on Monday, with 110 individual submissions received as well as 47 responses from industry groups.

It emerged yesterday that the Department of Finance is also concerned about some aspects of the proposals, fearing they will push up rents by keeping home ownership out of the reach of many people.