Central Bank to ease mortgage lending rules from January

Under the new rules, borrowers will be able to borrow up to four times their income but will still be required to provide a 10 per cent deposit if a first-time buyer

The financial regulator is expected to amend its mortgage lending rules today. Picture: Getty

The Central Bank of Ireland has relaxed its mortgage lending rules to allow prospective homeowners borrow up to four times their household income in light of growing affordability challenges in the market since they were first introduced seven years ago.

Gabriel Makhlouf, the Governor at the Central Bank of Ireland (CBI), said trends in the housing market had resulted in “growing affordability pressures” with house prices and rents rising faster than incomes.

The CBI said ...