« BackKerry senator calls on NAMA to consider rent to buy scheme


Tom Sheahan

A Kerry senator has called on NAMA to introduce a rent-to-buy scheme for first time buyers.

Fine Gael’s Tom Sheahan says if NAMA is extending into residential development, it should also consider such a scheme for first time buyers.

Senator Sheahan says the higher cost of renting compared to buying is making it difficult for people to save for a deposit on a house.

He proposes the potential owner would rent a house at the current rental value for three years and then 50% of the rent would be factored into the down payment required to purchase the property.