Central Bank to publish the outcome of review of mortgage rules today

November 28, 2017 MyHome.ie by MyHome.ie
Central Bank to publish the outcome of review of mortgage rules today

The Central Bank will publish the outcome of a review of mortgage rules later today.

The restrictions set official ceilings on how much banks can lend home buyers.

It is expected the main limits will remain in place although there could be some small adjustments.

The rules were highly controversial when introduced almost three years ago and were designed to prevent booms and busts in the mortgage market.

With property prices rising at 12.8% nationally the question the Central Bank will be examining is whether the limits are sufficiently effective.

Advertisement

The restrictions allow banks to lend up to three and a half times a purchaser's income.

First time buyers must have a 10% deposit, others are required to have a 20% deposit and buy-to-let investors must produce a 30% deposit.

It is expected that those limits will remain in place.

However, a proportion of lending by banks is exempt from the rules.

There has been speculation that might be tightened.

Tags:
Uncategorized Central Bank mortgage mortgage rules

Related articles

Woman using mortgage calculator

Mortgage calculator

Ready to start house hunting but need to know how much you'll be paying on your mortgage? Our Irish mortgage repayments calculator will get you the answers you're looking for.

Start now →

Powered by doddl logo