NESC Report Says Mortgage Plan difficult for first-time buyers

A senior advisory group to Taoiseach Enda Kenny has said new mortgage proposals from the  Central will make it difficult for first-time buyers to purchase their own homes. The National Economic and Social Council report on home ownership and rental, published today, also says younger adults looking to set up a home near centres of employment, among other social groups, will find it far more difficult to purchase their own homes.

Read Fiach Kelly’s article here: First Time Buyer Mortgages

At MC Financial, we are very much in favour of strengthening our banking sector and protecting consumers from unscrupulous lending practices, however we believe that requiring first time buyers to have 20% of the cost of their house up front, will mean some families could be effectively excluded from buying their first homes over the next couple of years.

The new good news is that many lenders are open for business and we are still seeing a number of mortgage approvals each week, if you are curious about what you should be doing to get yourself mortgage ready – have a look at one of our recent blogs with tips for first time buyers.

To find out more about applying for your first mortgage get in touch with Michael either on 01 822 8022 or 087 932 1882 or by email at michael@mcfinancial.ie

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Phone: 01 822 8022
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