Mortgage guidelines are good for speculators, bad for home ‘buyers’

This is my message to the Minister for Finance, Michael Noonan, in advance of the Budget.

Now that the Central Bank has issued its guidelines for new mortgages — an applicant must have a minimum of 20% of the price of the home — home ownership will now be beyond most people.

The Central Bank has played into the hands of ruthless property speculators. Under the proposed conditions, these speculators will be able to command whatever rent they like.