The owner of a viable business in Waterford says he'll never be able to buy a family home here at current prices because of the huge deposit he and his wife would be required to pay.

Colin Shanahan, who owns DigiCol Photography and Media Productions, bought a house with his wife Claire in Dublin in 2004, where he lived for a number of years.

The couple subsequently moved to Waterford, but rented out the Dublin house because it was in negative equity. When it finally made sense to sell it, they managed to clear their mortgage but not make a profit.

Colin went on to tell Damien that their savings then had to be used to settle a tax bill connected to the Dublin property.

He now finds himself in a position where, as second-time buyers, he and Claire can't afford a deposit on a family home in Waterford, which he reckons would be in the region of €60,000.

"I'm basically going to be paying someone else's mortgage for the rest of my days, because I'm technically not viable to pay a mortgage, even though I can afford one, I don't have €60,000 to pay upfront," he told Damien.

Colin added that he's now at the "mercy of a landlord" and his whole life could change overnight if the landlord decided to sell.

Have a listen to his full conversation with Damien through the link in this podcast.

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