Record of paying rent should be considered on Mortgage applications, report says – Extra.ie

Records of paying rent should be considered as part of mortgage applications, a new report states.

The state of the housing market now means that people seeking a mortgage may have to save for up to 15 years to gather a deposit.

Raising the money needed, which on average is €30,000, has become a significant stumbling block for those seeking a mortgage.

Records of paying rent should be considered as part of mortgage applications, a new report states. Pic: Getty

As a result, it has been suggested that proof of ability to steadily pay rent, should be considered for applicants going forward.

The suggestion was made in the Irish Home Builders’ Association report carried out by EY-DKM Economic Advisory Services.

The report found that 36,000 new homes will be needed per year in Ireland for the next 21 years to meet demand.

Due to the economic hit caused

Continue reading this atricle at https://extra.ie/2020/08/27/news/irish-news/paying-rent-mortgage-applications