‘Amend deposit plan for renters’ says Fianna Fáil

Young couples who can’t save for a mortgage because of the cost of rent should be given some relief in how much they need to save for a deposit, a new Fianna Fáil plan proposes.

The party is calling on the Central Bank to amend its current rules which requires prospective homeowners to have a deposit of up to 20% of the value of the house.

The plan would see the deposit requirement reduce by a quarter where a track record of paying rent can be proven.