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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 (14240)
No (614)
I'm not sure (310)
COMMENTS (89)