Monday September 28, 2020

First-time mortgage limits will fall by €100,000 if rates rise

The amount of money that atypical first-time buyer can borrow could fall by up to €100,000 early next year if interest rates continue to rise and reach the levels expected, according to a survey carried out last week by The Sunday Business Post.

10th June, 2006

A couple earning €76,000 a year which qualified for a mortgage of €430,000 last week would only qualify for a mortgage of €327,462 early next year, if rates continue to rise as expected.

Interest rates are expected to reach 3.5 per cent next year, which would make it even more difficult for first-time buyers to purchase homes, particularly in Dublin.

The Financial Regulator said this weekend it would still insist that lenders apply the same strict...

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