Monday 20 November 2017

Fionnan Sheahan: Beware the backlash of negative equity generation

Fionnan Sheahan

Fionnan Sheahan

The Government acknowledged the plight of the negative equity generation last year when it implemented the promise in the Programme for Government to increase mortgage interest relief to 30pc for first-time buyers who took a mortgage at the height of the boom.

Implementing the commitment in the coalition agreement between Fine Gael and the Labour Party was a clear sign the Government felt the pain of the Celtic Tiger era house buyer.

Stuck in negative equity with their home worth vastly less than they paid for it, unable to sell as a result and lumbered with huge mortgages, based on Noughties wages, these homebuyers feel trapped.

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