The stark warning comes after it emerged some 8,000 prospective house hunters are in a race against time to buy homes as their mortgage approvals expire.
New figures show that 7,692 mortgages were approved between October 1 and the end of December last year, with an increase in the number of people applying for mortgages due to changes in the eligibility requirements.
However, borrowers are now facing a ‘use it or lose it’ scenario as most mortgage approvals lapse after a period of six months, at which point they will have to reapply for mortgage approval and be subject to the new Central Bank rules and come up with a 20pc deposit.
Read the full story in the Irish Independent
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