The Taoiseach Enda Kenny has praised the Central Bank’s decision to cut deposit rates for first time buyers.
Speaking outside the Dáil, Mr Kenny said: “The decision of the Central Bank is to be welcomed here. Obviously they have put in conditions in respect of second and subsequent buyers. The Government’s programme of €5bn worth of investment through the five pillars is very important.”
“So I welcome the decision of the Central Bank, obviously they have made it clear they will continue to monitor these conditions very carefully in the hope they level the opportunity to enable people to get on the property ladder without going over a cliff.”
The Taoiseach’s comments come after the bank revealed earlier this week that mortgage applications rules would be relaxed in order for first time buyers to get on the property ladder quicker. The move now means those wishing to avail of a first time mortgage will only have to provide a 10% deposit in most cases.