A local representative from the League of Credit unions has welcomed recent comments made by the Taoiseach Leo Varadkar calling on the Central Bank to loosen strict mortgage-lending rules to help young couples caught in the so-called ‘rent trap’.
In a more which was not keeping with tradition the Taoiseach questioned the Central Bank on their mortgage lending rules which required potential home owners to save for a deposit and show a prove that they also had savings in reserve.
Seamus Kilgallon is a Director with the Sligo Credit Union, he says the recent comments from the Taoiseach offers encouragement to young people looking to get a foot hold on the property ladder.
