Loan to value (LTV) ratios are the talk of the town at the minute thanks to the Central Bank’s decision to publish new rules for lenders around home loans.
To recap, the regulator has proposed that from January 1st borrowers must have accumulated at least a 20 per cent deposit of the price of the house to qualify for a mortgage. Banks must also apply a 3.5 times income threshold when deciding how much to lend.
The rules come as the property market is showing definite signs of life after seven years of stagnation. And at a time when the Government is trying to encourage the building industry back on to its feet through its Construction 2020 initiative.
The new rules are designed to pre-empt another bubble rather than reacting to recent increases in house prices. But they threaten to stymie lending and thus new building activity. There’s no point in building new housing units if citizens are struggling to get a mortgage.
Read the full story in the Irish Times
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