VIDEO: Central Bank chief explains mortgage rules stance

Regulator loosens deposit rules for first-time buyers

23rd November, 2016
4
23/11/2016. Reviews of Mortgage Measures. Pictured (L to R) Deaputy Governor, Sharon Donnery Governor, Philip Lane and Mark Cassidy Head of Financial Stability  at The Central Bank of Ireland in Dublin today. The Central Bank of Ireland announced the outcome of the review of the mortgage measures, following an extensive consultation and evaluation process. Pic: RollingNews.ie

The Central Bank has announced some changes to its mortgage restrictions following a long-awaited review.

The measures, introduced last year, are aimed at preventing another property bubble.

Under the current lending rules, first-time buyers must have a 20 per cent deposit if borrowing any more than €220,000, with a minimum deposit of 10 per cent below that threshold. Today, the bank lowered the minimum deposit for all first-time buyers to 10 per cent, scrapping the €220,000 ceiling.

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