THE CENTRAL BANK is to increase mortgage borrowing limits for first-time buyers, raising the limit to four times their gross income.
The Central Bank has said that “This change recognises the different roles played by different borrower types in the housing market. In a statement announcing the changes, Governor of the Central Bank Gabriel Makhlouf said that while the benefits of these changes might not be apparent immediately, they will help in the long term.
'There will be a modest effect on house prices,' he says, but says there are multitude of factors that go into house prices. Vasileios Madouros, Director of Financial Stability at the Central Bank of Ireland said “lenders themselves are responsible for affordability assessments” under their own policies, which he said like the measures announced today, also need to evolve.
In 2021, figures published by the Central Statistics Office showed that more than three quarters of renters who share accommodation with others believe they will never own a home.Writing in The Journal about the review of mortgage lending last year, Vasileios Madouros of the Central Bank said:
Property Property Latest News, Property Property Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: thejournal_ie - 🏆 32. / 50 Read more »