There’s great news for first-time buyers today as the Central Bank reduces the deposit needed to buy a home from 20% down to 10%, regardless of the price of the property.
This is a complete turnaround from the current status, which puts the cap at 90 per cent for loans up to €220,000 but at 80 per cent for the balance of loans above that level.
First-time buyers will now be able t obarrow up to 90% of the property of their new home with only a 10% deposit needed. So, if a property is €200,000 they’ll now need to have saved €20,000 instead of €40,000.
Many second and third-time buyers however are not happy as they’re stuck in negative equity with no help from the Central Bank or the government.