You’re 100% On Your Own, Son

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Leo Varadkar with his mother Miriam and father Ashok Varadkar

“It has always been the case that a person needs to raise a deposit to buy a house. People do it in many different ways. Sometimes people go abroad for a period and earn money. Others get money from their parents. Lots of us did.”

Taoiseach Leo Varadkar speaking in the Dáil yesterday

‘Orphan Annie’ writes:

While the Taoiseach promotes getting the deposit from Mummy and Daddy, did he he himself avail of reckless first time borrowing facilities?

According to this Property Pin thread from 2009, Leo apparently mentioned during an Oireachtas Committee hearing [unable to find it online] that in 2002 he took out a 100% mortgage for, er, himself.  Good times, eh?

Anyone?/FIGHT!

Leo’s mortgage mantra: emigrate, move home or borrow from parents (independent.ie)

Earlier: A Limerick A Day

Thanks Midsummer

Meanwhile…

Accountant Vanessa Foran (her off the telly) writes:

It was quite a surprise to read over my morning Limerick that our Taoiseach Leo V informed the Dail that he got help with his first mortgage from Mum & Dad.

There is nothing wrong with that, of course, yet when he was Dr Varadkar on duty as an opposition TD, he rolled about with all the glibness of his garish socks by telling us he was the owner of a “toxic asset” held with a 100% Mortgage and that it might qualify to be transferred to the new formed NAMA.

Oh such fun he had.

Family homes are not a joke nor is the current lack of residential accommodation, freehold or leasehold or by way of a simple rental agreement. Therefore I would strongly advise against relying on anything this Government announces or promises on housing, in any sector.

The Vacant Site Levy has been debunked, while they can sing the HAP song all they want, if there are no new HAP Landlords introducing more rental units, then there is nothing to spend all that HAP money on, unless we are ok with administration costs.

Please can someone in this current government actually get it right before we start to see shanty sheds, Vans and tents outlining the M50.

See ye tomorrow.

Rollingnews

36 thoughts on “You’re 100% On Your Own, Son

  1. mark

    He got a 100% mortgage when he was a 22 year old medical student? That doesn’t sound possible, even in 2002.

    1. Andy

      My mrs (newly qualified accountant at the time) got a mortgage 11 times her income. This was 2004. Good times. Wasn’t 100% though wasn’t far off.

  2. Panty Christ

    Leo lives in a two bed apartment beside coolmine dart station. Within walking distance of mammys Sunday roast dinner.

    1. anne

      Bit TMI that.

      I don’t really care if Leo got a 100% mortgage either. Like if they were going at the time, so what?

      1. Rob_G

        +1

        His comments on borrowing money from mam and dad were daft, but if he was able to stand on his own two feet and buy a place for himself at the time, good for him.

        (plus, a two-bedroom flat in Dublin 15 isn’t exactly Versailles or anything)

  3. Andrew

    On the same subject (kinda):
    Any chance, Leo, of inquiring of the Reverend Fathers & Reverend Mothers as to when THEY are going to pay their share of the abuse bill? Asking for a friend.

  4. scottser

    dear leo
    i just told the ma she has to give me 60 grand on your instruction. she wasn’t best pleased – i’ve never heard so many holy swears in my life and i got a belt of the wooden spoon for my troubles. i wouldn’t go near her right now, she has a bit of a face on.
    yours
    scottser

    1. The Ghost of Starina

      on that note…

      dear leo,
      since your parents didn’t give you money for your deposit and mine don’t have any money, please inform your parents that they owe me €30k.
      yours, &c
      starina’s ghost

  5. b

    “It was quite a surprise to read over my morning Limerick that our Taoiseach Leo V informed the Dail that he got help with his first mortgage from Mum & Dad.

    There is nothing wrong with that, of course, yet when he was Dr Varadkar on duty as an opposition TD, he rolled about with all the glibness of his garish socks by telling us he was the owner of a “toxic asset” held with a 100% Mortgage” – Vanessa

    where did he say he got help from his parents? I expect a generous helping of Leo-bashing on here but basic neglecting of facts seems to go unchallenged

    1. Frilly Keane

      Sometimes people go abroad and earn money. Others get money from their parents. Lots of us did. Others get money through other loans. Sometimes people stay at home for a period and raise a deposit in that way.

      today’s IT
      also embedded into the Limerick of the day

      1. Cian

        Technically one may need a 100% mortgage AND get loan from your parents to afford a house.
        Back in 2002 there would have been stamp duty to pay (I can’t find the rates – it was dependant on the house price from 3 to 9% – although FTB may have been exempt, or had lower rates), as well as solicitor fees. The total cost of a house could have been 102% – 110% of the purchase price. And that is before you get the keys.

        You then may need to spend money on appliances and furniture before you move in.

        1. Frilly Keane

          shur’ if he was a 1st time buyer in 02 he paid no Stamp Duty on a gaff under
          ah, I can’t remember but deffo under 500k anyway

          he might also have got the 3k First Time Buyers Grant

          and lemme tell ye
          a 100% mortgage could just as easily come with the extra added in for the appliances and other bits n’ bobs
          I know a lad
          also a Dr that got the lot, including the garden landscaped, a Nolan Kitchen extra, and his legal fees into the 100%

          1. Cian

            Fair enough about the Stamp Duty – I don’t remember that far back.

            Again, being technical, the 100% mortgages were to pay for the house. If your mate got extra for the garden it was a 110% mortgage.

            But either way, it is possible that Leo got a 100% mortgage AND some cash from his parents to buy his house.

          2. Frilly Keane

            c’mere
            I couldn’t give a muck what he did or who gave him a dig out
            I have no interest in the lad
            whatsoever
            beyond what he gets paid by the taxpayer for

            and I have seen the 120% mortgages btw
            recently qualified lads in particular were targeted with them

      2. b

        I’m not sure if you’re with me or against me there Frilly

        it’s a statement of fact that lots of people get help from their parents

        1. Frilly Keane

          I got a cooker

          but then our parents were well out of their mortgages by the stage any of us were moving out
          thats not the case with all these young wans now

          also our parents most likely had pensions set up

          again not as common with today’s parents of adult kids who are still not set up

        2. Frilly Keane

          btw B

          I was only providing the info about where Leo V said about getting help from Mummy and Daddy

          don’t know how you read I might be with ya or against ya
          on an’ting

          should I be, were you acting the bo11icks somewhere else

  6. Iwerzon

    The entitled little fupper. Also, this new Council mortgage loan announcement is nothing new. County and City Councils have been offering home loans for years.

  7. Iwerzon

    1: All TDs and Senators who manage a portfolio of properties, commercial or domestic; or who are once off ‘landlords’ must recuse themselves from any vote or debate regarding the rental market within the present housing crisis.
    2: Landlords presently pay approx 52% tax on rental properties. If this tax was scrapped for all rental residencies offered at and below 900euro a month you would witness more affordable rental homes, more money for landlords, more money for tenants and more spent in the economy. (but less money for the revenue – boohoo!)

    1. Cian

      1a: All TDs and Senators who are employed, or are employers must recuse themselves from any vote or debate regarding the unemployed or job schemes.
      1b: All TDs and Senators who own or rent a home must recuse themselves from any vote or debate regarding the homeless.
      1c: All TDs and Senators who have a private health insurance must recuse themselves from any vote or debate regarding the Health Services (public or private).
      1d: All TDs and Senators who don’t have a working womb must recuse themselves from any vote or debate regarding abortion.

      2. I like this idea (I’d tailor it to be linked to the median rental in the area, or something, so it coped with rural and urban rents) but it could work.

      1. Iwerzon

        ‘All TDs and Senators who don’t have a working womb must recuse themselves from any vote or debate regarding abortion.’ Hmmmm, there is a good argument for this to be honest!!!!

  8. Iwerzon

    If you make an income from any other ‘job’ while a TD you must declare it and recuse yourself from any conflict or direct dealings with said employment. If a TD is an insurance broker then they should recuse themselves from debate regarding health insurance. Your other comparisons are silly.

    1. Cian

      why restrict it to income? if I am a TD (I’m not, by the way) and have private health insurance, and I pass legislation that is biased toward private health insurance then I am benefiting from my legislation.

      How about a TD that doesn’t own a house – and wants to buy one. Should they recuse themselves from any vote that could reduce the cost of housing?

      Look, I agree with you that they should all publically declare any and all conflicts of interest that they would have (or relating to their nearest and dearest) for any particular vote – and let the electorate decide if it is relevant.

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