Taoiseach says he had no need of 'bank of mum and dad'

Leo Varadkar did not need a deposit to secure a mortgage

Taoiseach says he had no need of 'bank of mum and dad'

Taoiseach Leo Varadkar addressing the media outside Government Buildings, 10-01-2017. Image: Leah Farrell/RollingNews

The Taoiseach has said he did not actually get help from his parents to buy a house.

Speaking in the Dáil yesterday Leo Varadkar said "lots of us" have been handed loans by our parents to get a housing deposit together.

His comments drew criticism from politicians across the house, with Fianna Fáil's housing spokesperson Barry Cowen was quick to accuse him of "putting his posh-boy credentials on display."

This afternoon however, Mr Varadkar said he did not have to ask his parents for money - as he did not need a deposit at all.

In a statement, he said he was approved for a 40 year, 100% mortgage when he was buying his home.

He said he was "delighted at the time" but warned it was a "bad policy" adding that "all that did was drive up house prices more and more and saddle young people with debt and negative equity."

"That’s why I am so alarmed when I hear opposition leaders calling for the government to offer 97% mortgages to people," he said.

"And it’s why I am so alarmed when I hear opposition spokespeople calling for tax breaks for developers.

"They have learned nothing."

Mark of privilege

He said there is "nothing wrong" with getting help from your family when you are trying to raise a mortgage deposit adding, "it's not a mark of privilege."

"It’s what’s happens every day in middle Ireland," he said. "But I also realise that’s not an option for lots of people who are trying to secure a home, and that’s why the government is working so hard on this matter every day."

These people on the streets of Dublin have mixed views on his remarks in the Dáil yesterday:

Reporting from Sean Defoe ...