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First-time buyer deposits cut to 10% as Central Bank eases mortgage rules

First-time buyers will only be required to have a deposit of 10 per cent regardless of the value of a property when applying for a mortgage, as a result of a decision by the Central Bank to relax its macro-prudential rules. This is a shift from the current requirement, which puts the ceiling at 90 per cent for loans up to €220,000 but at 80 per cent for the balance of loans above that level.

This means that first-time buyers will be able to borrow up to 90 per cent of a value of a home. The 20 per cent minimum deposit requirement (ie maximum loan-to-value ratio of 80 per cent) continues to apply to second and subsequent buyers. The 3.5 times ceiling on the loan-to-income ratio remains unchanged. Requirements for buy-to-let borrowers and the exemptions for negative equity mortgage borrowers from the measures also remain unchanged.

Read the full details in the Irish Times

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