Wexford Senator Says 20 Per Cent Deposit For First Home Too High

WEXFORD SENATOR SAYS 20 PER CENT DEPOSIT FOR FIRST HOME TOO HIGH

The necessity of having a deposit of 20 per cent towards the price of a first home is too high.

That’s according to New Ross Fianna Fail Senator Jim Walsh speaking in the Seanad this week.

He said it will leave many young people in a position where the aspiration of owning a home will be put on the long finger and could in general terms be counter productive for the country.

Senator Walsh says he can understand why people on six figure salaries may not be able to see the difficulties that people have but in fact there’s a great saving to the state if we can assist people to achieve what are the aspirations of many.

He says he thinks it’s right that there should be an income ratio with regard to the extent of the loan but having said that a more modest deposit of 10 per cent would be more adequate.

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