Leo Varadkar has caused quite a storm when he suggested people trying to get a mortgage can get money from their parents.
His comments have been labelled insensitive comments and he has been accused of letting the ‘mask slip’.
He was criticised by Labour leader Brendan Howlin after he suggested during Leaders’ Questions with Mr Howlin that young people should just go to the ‘Bank of Mom and Dad’ for the huge lump sums needed for a mortgage deposit.
Tens of thousands of people are caught in a trap where they can nowhere near afford a deposit for a new home because of the existing massive costs of rent and living in Ireland today.
Mr Varadkar was addressing the affordability of homes when he said that people could get the money needed from their parents, but this is sure to have angered tens of thousands out there struggling desperately to scramble together a deposit.
Mr. Howlin told the Irish Mirror that the mask slipped from privileged Leo today in the Dáil.
He went on to say that Not all our parents can afford to sign a check for a house deposit and that for most working families, 20 or 25 thousand euro is an unachievable fortune,”
The new scheme is designed to assist families already refused by banks and building societies for a mortgage.
Howlin said “The Government expects these families to continue to pay an exorbitant rent, and be in a position to put together 20 thousand euro for a deposit.
Under the affordable housing scheme that was being discussed, first-time buyers can apply to local authorities for a low-interest loan if they can prove they have had two refusals from other lending institutions.
The Taoiseach predicted the new initiative, called The Rebuilding Ireland Home Loan, could be something that is expanded in a number of months if it is successful.
But he added that “it’s always been the case” that people raised money for their mortgage deposits in a range of different ways.
He said: “It’s always been the case that to buy a house, you need to raise a deposit, people do it in lots of different ways.
“Sometimes people go abroad for a period, or they get money from their parents – as lots of us did – or they get money through other loans.
“Sometimes they may stay at home for a period and raise a deposit in that way.”
However, People before Profit TD Richard Boyd-Barrett hit out at the Taoiseach’s comments, saying that his suggestions were “scandalous”.
Today I want to know what you think of the Taoiseach’s comments.
Are you currently trying to save for a mortgage? I want to hear your views on this.
Some people think he doesn’t deserve to be lambasted for his views because the fact is that people do have to save for their mortgage.
However, others say that his comments are insulting because as Taoiseach of the country he has no idea what it is like to try to live, work and save between 25 and 30 grand.
I want to know what you think –
Do you think Leo’s comments were out of order?