Fianna Fáil is urging the Central Bank to amend the mortgage deposit rules as the current regulations are having a "negative effect" on the ability of buyers.

Finance Spokesperson, Michael McGrath TD was speaking after the Deputy Governor of the Central Bank of Ireland, Sharon Doherty, suggested the mortgage guidelines were unlikely to change.

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Mr McGrath said: "The Central Bank needs to be open to change, and there is enough evidence for them to re-visit the rules, and accept the sensible Fianna Fáil proposals which would open up mortgages to long-term renters with proven track records.

"Our proposals, which would allow one third of the deposit requirement for first time buyers be met by taking into account rent payments over the previous three years would significantly open up the mortgage market. We also want to see the same deposit rules applying to non-first time buyers as those buying for the first time.

"The mortgage deposit rules need to be flexible, and fair."

(CD/LM)