New mortgage rules published today by the Central Bank mean that most house buyers will have to have a 20 per cent deposit when applying for a home loan. The regulations come into force on January 1st.
The bank is proposing that no more than 15 per cent of all new mortgages for private dwelling homes should have a loan to value (LTV) ratio above 80 per cent. This means that most first-time buyers are now going to be expected to have at least a 20 per cent deposit when buying a home.
In addition, it has also decided that just one-fifth of new mortgages should be issued above a level of three and a half times income (LTI).
Read the full story in the Irish Times
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