Nearly 8,000 house hunters, who rushed to secure mortgage approval in the weeks before the strict new Central Bank deposit rules came into force, are in a race against time to buy houses and apartments before the summer.
Borrowers are facing a “use it or lose it” dilemma because most mortgage approvals lapse after just six months. Experts fear the rush to buy could lead to a short-term spike in prices, especially in Dublin where supply is short, and owner occupiers will be competing with professional investors lured back into the market by improved yields from rents.
Those who want to get on the property ladder, who don’t purchase before mortgage approval runs out, will have to start again – this time, subject to the strict regime that requires a 20pc deposit, €60,000 on a €300,000 house. First-time buyers have to find 10pc deposit for the first €220,000 of the purchase price and 20pc on any balance thereafter.
Read the full story in the Irish Independent
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