Brendan Burgess
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The Oireachtas Finance Committee met with "public interest groups" to get their views on Mortgage Indemnity Insurance.
To the surprise of the TDs and Senators, the following 4 speakers broadly welcomed the Central Bank's proposed 80% limit.
Brendan Burgess - consumer advocate and founder of Askaboutmoney.com
Paul Joyce - Policy Analyst - Free Legal Aid Centre
Ross Maguire - Founder of New Beginning
Professor Ronan Lyons - TCD Economist
The meeting also heard from Karl Deeter, commentator and mortgage broker who said that the Central Banks proposals were not necessary. Karl's views are reported here:
Mortgage expert warns on ‘wrong medicine’ for housing market
Although the meeting was to discuss MII, the most important and surprising issue to emerge was the support of 4 consumer groups for the Central Bank's proposed 80% limit, so I will confine this report to that issue.
My presentation is attached to this post,and I will post the transcript when it is available.
To the surprise of the TDs and Senators, the following 4 speakers broadly welcomed the Central Bank's proposed 80% limit.
Brendan Burgess - consumer advocate and founder of Askaboutmoney.com
Paul Joyce - Policy Analyst - Free Legal Aid Centre
Ross Maguire - Founder of New Beginning
Professor Ronan Lyons - TCD Economist
The meeting also heard from Karl Deeter, commentator and mortgage broker who said that the Central Banks proposals were not necessary. Karl's views are reported here:
Mortgage expert warns on ‘wrong medicine’ for housing market
Although the meeting was to discuss MII, the most important and surprising issue to emerge was the support of 4 consumer groups for the Central Bank's proposed 80% limit, so I will confine this report to that issue.
My presentation is attached to this post,and I will post the transcript when it is available.
- There is a perception that the Central Bank is trying to penalise first time buyers by denying them access to buying a house. In fact these proposals will benefit first time buyers more than they will harm them.
- The 80% limit is about right but it should be phased in and not simply imposed on 1 January.
- It will be difficult for FTBs to save up for a deposit of 20%, and so they should be allowed to save through their pension fund for the deposit. The tax-free lump sum on retirement would be adjusted for any amount taken early for the purchase of a home.