New mortgage lending rules to protect both borrowers and banks
The Central Bank has confirmed it will ease its mortgage limits for first-time buyers.
As originally proposed, most mortgages will require a 20% deposit.
But first-time buyers, will be able to borrow up to 90% of the value of a property worth up to €220,000 and 80% of the rest.
Buy-to-let purchasers will have to come up with 30% of the purchase price.
But in a crucial limit, all mortgages are limited to 3-and-a-half times the buyer's total income.
There's been a mixed reaction to the new mortgage lending rules announced by the Central Bank this evening.
Both the Government and the Central Bank says the measures will protect both borrowers and banks.
