Ireland's mortgage malfunction
Onerous lending rules, lack of supply and skyrocketing rents are making it difficult to buy a property
A group of thirtysomethings meet for dinner, somewhere in Dublin. Before long, the conversation turns to property.
Joe wants to buy a modest house in the Dublin suburbs, but can’t afford to, thanks to new rules that cap his mortgage at 3.5 times his gross earnings, and so he faces indefinite renting.
Alan and Michelle have mortgage approval, but can’t find a suitable property, due to the lack of supply.
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