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Central Bank set to reduce mor...

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Central Bank set to reduce mortgage lending rules

RedFM News
RedFM News

07:39 19 Oct 2022


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The Central Bank looks set to relax its mortgage lending rules - and is expected to announce the move today.

It's current set of rules were introduced in 2015 in an effort to avoid a repeat of the property bubble.

At the moment people can borrow three-and-a-half-times their salary.

Charlie Weston Personal Finance Editor with The Irish Independent, says the Central Bank Rules are being relaxed.

"The Central Bank have had a review for a while into these mortgage lending rules, which at the moment restrict you to only borrowing three and a half times your income. If you're a first time buyer, you need to have a deposit of at least 10% of the value of the house.

"My understanding is that the central banks are going to announce today that those rules are going to be tweaked slightly and you will be able to borrow four times your income."


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