To: The Taoiseach
No mortgage deposit for long-term renters
Allow long term renters to use proof of paying rent in lieu of a mortgage deposit.
Why is this important?
I believe renters should be allowed to use a proven rental payment record in lieu of a large deposit requirement, particularly for first-time buyers with stable employment and strong financial histories.
Many renters consistently pay monthly rent that is equal to or higher than a mortgage repayment, often for years without missing payments. This demonstrates financial reliability and repayment ability. However, saving for a deposit while paying high rents has become extremely difficult.
Myself and my boyfriend have been renting for the last three years in Bettystown, Co. Meath, paying rent of between 1,300 and 1,500, as a result of renting we have been unable to save up a deposit to buy our own home. We have been paying rent that would be equal or higher to a mortgage repayment. I work in AIB helping others with their mortgages so I know for a fact others pay less for their homes than we pay in rent.
We have a ten month old daughter and we would like to own our own property so she has a home to grow up in, rather than renting where we're not one-hundred percent sure we will be able to live for years to come. It is hard to plan for her future - schools/clubs for her to join - as we are not sure we will still be able to live in this area forever, as much as we would like to.
Many renters consistently pay monthly rent that is equal to or higher than a mortgage repayment, often for years without missing payments. This demonstrates financial reliability and repayment ability. However, saving for a deposit while paying high rents has become extremely difficult.
Myself and my boyfriend have been renting for the last three years in Bettystown, Co. Meath, paying rent of between 1,300 and 1,500, as a result of renting we have been unable to save up a deposit to buy our own home. We have been paying rent that would be equal or higher to a mortgage repayment. I work in AIB helping others with their mortgages so I know for a fact others pay less for their homes than we pay in rent.
We have a ten month old daughter and we would like to own our own property so she has a home to grow up in, rather than renting where we're not one-hundred percent sure we will be able to live for years to come. It is hard to plan for her future - schools/clubs for her to join - as we are not sure we will still be able to live in this area forever, as much as we would like to.