MyHome.ie Blog
  • MyHome Living
  • News
  • RetroFit Hub
  • Buyers Advice Hub
  • Selling
  • Renting
  • Mortgages
  • Property Report
MyHome.ie Blog
  • MyHome Living
  • News
  • RetroFit Hub
  • Buyers Advice Hub
  • Selling
  • Renting
    • Mortgage Learning Center
    • Calculators
    • Best Mortgage Table
  • Property Report
    • All Properties
    • Houses For Sale
    • Apartments For Sale
    • Available To View
    • Overseas Holiday Homes
      • Properties For Auction
      • Upcoming Auctions
      • BER Assessors
      • Property Conveyancing Solicitors
      • Pre-Purchase Surveyors
    • Find Agents
    • All Properties
    • Houses To Rent
    • Apartments To Rent
    • Available To View
    • Share
      • Irish Holiday Homes
      • Overseas Holiday Homes
  • New Homes
    • For Sale
    • To Rent
    • Auction
      • Residential Land
      • Commercial Land
      • Farm Land
      • Farms
      • Sites
    • MyHome Living
    • Buyer Advice Hub
    • Property Report
    • Property Price Register
    • Price Changes
  • Mortgages
    • Rental
    • Holiday Homes
    • Commercial
    • Sharing
Advertisement
  • Home
  • Uncategorized
  • Tough new rules for mortgage lenders
Uncategorized
Jun 22, 2010 - 10:43

Tough new rules for mortgage lenders

admin
By admin
Share this article
Facebook Share Twitter Share Linkedin Share Email Share Whatsapp Share
Tough new rules for mortgage lenders

Tough new rules for mortgage lenders
It is hard to believe but true that Ireland is one of the few countries in Europe where there are no rules limiting the overall debts that a household can accumulate – BUT that’s all about to change. Yesterday the Financial Regulator unveiled a sweep a new measures to put manners on Ireland's financial institutions as part of a major clampdown on bank lending.
Regulators will now be keeping a very close eye on all lending by banks to households and potential homeowners will now find it even more difficult to get their hands a mortgage as tough new rules will make remove the ease of getting one that was there during the boom times.
Not only that but the idea of imposing a cap on new lending is strongly being considered -- especially where consumers borrow to buy a house and the mortgage represents a high proportion of the value of the property.
So in summary, the new rules of the lending game are:

  • Banks will be forced to shut down parts of their operations if they are caught taking excessive risks
  • The regulator will take legal action against banks that breach guidelines on executive pay, which is currently capped at €500,000 per annum
  • Financial institutions will be publicly lambasted if they fall foul of the regulator's rules
  • Bank staff will be suspended if they're deemed "unfit" to carry out certain functions

Jonathan McMahon who acts as number two to Financial Regulator Matthew Elderfield, warned that his office would "make life difficult and expensive" for banks who took a lax attitude to risk.
…about time.

Advertisement

Subscribe to our weekly MyHome Living eZine today

Processing your request...

You are subscribed now!

<

  • Tags
  • house prices
  • law
  • negative equity
  • property Ireland
admin
By admin
Share this article
Facebook Share Twitter Share Linkedin Share Email Share Whatsapp Share

Helpful Links

Find your home on MyHome
Read more Articles
Calculate what you can afford to borrow
Welcome to the Retrofit Hub
Advertisement
Advertisement

Related News

What is a Heat Pump?
Uncategorized

What is a Heat Pump?

Feb 27, 2025
Living Cities Initiative
Uncategorized

Living Cities Initiative

Jan 14, 2025
Digital Services Act
Uncategorized

Digital Services Act

Mar 31, 2024
Avant Money and Finance Ireland announce new rates
Uncategorized

Avant Money and Finance Ireland announce new rates

Dec 09, 2021
Average deposit of first-time buyer was €52,000 in first half of the year
Uncategorized

Average deposit of first-time buyer was €52,000 in first half of the year

Dec 07, 2021
Frequent And Popular Searches
MyHome.ie Blog
Help
Jobs
About
Equality Guidelines
Brand Safety
Contact
Terms & Conditions
Cookie Policy
Privacy Policy
Digital Services Act
Sitemap
© Copyright MyHome.ie 2025
Advertisement