Mortgage rule changes 'a complete disaster' that will only push up prices

Today’s mortgage lending rule changes are a “complete disaster” that will benefit no one but realtors and developers, according to Ciara Kelly.

The bank is also raising the loan-to-value limit for second-time buyers from 80% to 90% - although they will still be limited to three-and-a-half times their salary.The changes will mean that a couple on a joint income of €80,000 will be able to borrow €320,000 to buy their first home – up from the previous limit of €280,000.this morning, Cira Kelly said the move is a “complete disaster” that will simply see house prices rising.

“If they give you an ability to borrow an extra €50,000, yay, great, you can compete against all the other people a little bit better now.Ciara said the move will benefit no one but “house-sellers and maybe builders or developers”. The mortgage lending rules were put in place in 2015 to prevent a repeat of credit bubble that fuelled the financial crash.

This is the point!

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