Poll: Should first-time buyers be allowed to use renting history in mortgage applications?

The Department of Finance thinks it’s a good idea.

By Órla Ryan Sunday 11 Sep 2016, 9:59 AM

Sep 11th 2016, 9:59 AM 28,001 Views 88 Comments

http://jrnl.ie/2974373

Image: Shutterstock/allstars

Image: Shutterstock/allstars

THE DEPARTMENT OF Finance has suggested first-time buyers be allowed to use their renting history in mortgage applications.

The Sunday Times reports that, in a submission to the Central Bank, the department said many first-time buyers with no equity from selling another property struggle to save for a mortgage while also paying rent.

The department has asked the Central Bank to consider introducing a ‘capacity to pay’ test which “could take account of the fact many renters have demonstrated a strong payment record over a significant period of time”.

What do you think: Should first-time buyers be allowed to use renting history in mortgage applications?

Poll Results:

Yes (14146)

No (608)

I'm not sure (307)

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Órla Ryan

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Poll: Should first-time buyers be allowed to use renting history in mortgage applications?