But-to-let mortgages are about €30.67 billion. Landlords are in negative equity on most of these – in the region of about 30 – 40%. In effect, most of these landlords are heavily subsidising tenants. You would never guess from listening to some of the ignorant politicians mouthing on radio and tv. Can they work out average mortgage repayments (€1,800), then add management fees (€120) and subtract the rent (€900) and the tax deduction (€400 approx). Do they not realise that the figure is a negative to more than €620 per month and may be much more in upmarket locations. This is social housing by default. I suggest that Labour takes note and drops the propaganda. Property investment is an asset waster not a money making
proposition. Never mind the advertising hyperbole – just do the maths! Try to prove that a fool was not born on your birthday!