Renters paying €1,800 a month blocked from 10pc mortgage deposit, Sligo meeting told

By Philip Rooney, The Sligo Champion

Sligo Councillors have given their backing to a motion calling for credit to be given to renters seeking to obtain a mortgage but having difficulty securing the required deposit.

Cllr Gerard Mullaney’s motion before the June meeting of Sligo County Council called for the Local Authority to “write to the Minister for Finance and the Governor of the Central Bank requesting that they encourage financial institutions involved in the mortgage business to give more credits for rental income to borrowers.”

Speaking to the motion Cllr Mullaney cited the case of a couple who are paying €1,800 a month in rent but cannot secure the necessary 10% in savings for a mortgage.

“Where rent is greater or equal to the repayments it should be deemed they can afford the repayments.”

Supporting the motion Cllr Seamus Kilgannon said, “The banks have very short memories, it is immoral.

“Our masters in the political world should be looking at this and taking them to task. Some of them should look to the credit unions, they may be able to help with a deposit.”

Article Funded by the Local Democracy Reporting Scheme.