The head of the Central Bank has said that easing borrowing restrictions will likely raise property prices following today’s announcement that the regulator will relax its mortgage rules from January.
Today’s announcement means people will be able to borrow four times their income, up from the previous limit of 3.5 times. Some analysts have said this will lead to higher house prices, as people will now be able to take out larger mortgages, increasing demand. ...
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Central Bank easing of mortgage rules ‘a reaction to Government failure’ - DohertyRelaxation of borrowing rules may lead to increased house prices, mortgage body says
Source: IrishTimes - 🏆 3. / 98 Read more »
Housing minister welcomes mortgage rule change but concerns raised about house price increasesHousing Minister Darragh O'Brien has welcomed the mortgage rule changes. He says the changes combined with Govt initiatives such the First Home and Help-to-Buy Scheme will help buyers own their own home - but others have been more critical of the move Of course the chins welcomes the rule changes… he probably helped to lobby on behalf of developer. Corrupt scum He says more demand side measures while supply remains chronically low will help eh people trying to get a home. And that’s why we are never getting out of this. He literally only champions initiatives that make prices go up. Pretty clear who he's working for.
Source: thejournal_ie - 🏆 32. / 50 Read more »
What will loosening of mortgage rules mean for homebuyers?Central Bank plans to ease loan to income rules at a time of rising interest rates and a slowing economy This is akin to administering Oxycodone for a headache. It’s a disgrace and an abdication of responsibility on the part of the ecb & centralbank_ie. Consequence will not be good.
Source: IrishTimesBiz - 🏆 6. / 77 Read more »
Central Bank set to ease mortgage lending rulesUnder the expected new rules, borrowers will be able to borrow up to four times their income – up from 3.5 times – but will still be required to provide a 10 per cent deposit if a first-time buyer or 20 per cent if a second time or subsequent buyer
Source: businessposthq - 🏆 8. / 71 Read more »