‘Rent record must be relevant for borrowers’

The governor of the Central Bank will review whether rents will form part of a credit system when homebuyers apply for mortgages to counter concerns about stricter borrowing rules.

Governor Philip Lane also said political parties needed to propose “risk plans” in the election campaign in case the global economy falls into recession again.

Mr Lane, appearing before the Oireachtas finance committee, was told by Fianna Fáil’s Michael McGrath that people paying high rents were at a “serious disadvantage” when it came to saving for deposits for mortgages.