First-time house buyers clearly represent a safer prospect for lenders, according to Patrick Honohan, the governor of the Central Bank, at one of his first public engagements after the introduction of controversial new rules restricting mortgage lending.The rules allow higher loan-to-value ratios for first-time buyers, particularly those buying less expensive homes.
“The first-time buyer effect is a significant one,” Mr Honohan told the Trinity Economic Forum on Friday evening. Central Bank research has shown that an average of 15 per cent of non-first time buyers were in default, compared to just over 10 per cent for first-time buyers.
Read the full story in the Irish Times
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