Friday 26 May 2017

'We can't afford to buy or rent house our family needs'

David Rafferty and his twins Sam and Penny. Photo: Arthur Carron
David Rafferty and his twins Sam and Penny. Photo: Arthur Carron

Gavin White

A Dublin man has said the only mortgage available to him and his wife would not enable them to buy the house their family needs.

David Rafferty (36), an electrician, is currently living in an apartment on the Malahide Road with his wife Laura (34), who is a hairdresser, and their twins Penny and Sam (3).

Having bought the apartment in north Dublin before the crash for €280,000, he said the option of renting a house while renting out his apartment "has gone out the window" due to increasing rents in Dublin.

Mr Rafferty is now looking to buy a family home and then rent out his current apartment.

They have been told by a mortgage broker that the maximum mortgage they could get is €280,000. They are looking for a three-bedroom house to suit their needs and are unable to find accommodation in the areas where they are looking.

"Houses were €20,000 cheaper this time last year and people are using this as an opportunity to sell for a higher price," he said.

During the recession, Mr Rafferty considered moving to Canada, having lost his job. When he gained employment as an electrician and had two children, he decided to stay, knowing house prices had fallen dramatically.

With significant rises in recent years, he and his wife may "need to sit down and look at their options" and are in a catch-22 situation.

"The story now is renting a house will cost €1,800 (per month)...we can't afford to buy the house we want which would be just out of our range," said Mr Rafferty, who said he feels his family's chances of getting a house "could come down to luck".

Irish Independent

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