New rules for mortgage lending come into effect today – TheLiberal.ie – Our News, Your Views

New rules for mortgage lending come into effect today




Mortgage460

Buying a property will become that little bit harder from today onwards, as new, stricter rules set out by the Central Bank come into effect for all lenders within the State.

From this day forth, prospective buyers will be able to borrow three and half times their income only, and will have to stump up 20% of the property price as a deposit upfront.

All lenders have also been officially banned from offering any schemes that may help borrowers to circumvent the  new rules.

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