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Central Bank expected to ease mortgage lending rules

Oct 19, 2022 09:22 By Shannonside News
Central Bank expected to ease mortgage lending rules
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The Central Bank is expected to loosen it's mortgage rules later today

The Central Bank is expected to widen it's mortgage lending rules to allow home buyers borrow up to four times their salary.

At the moment, most house hunters can only borrow up to 3-and-a-half times their income.

That rule was introduced seven years ago when Central Bank bosses were trying to avoid a repeat of the property crash from 2008.

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Charlie Weston Personal Finance Editor with the Irish Independent says it comes during very high house price inflation already.

However, giving everyone an extra few thousand to buy a house is the wrong way to tackle skyrocketing prices.

That's according to the founder of the Consumer website Ask About Money.

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The Central Bank is expected to loosen it's mortgage rules later today, to allow house hunters borrow up to 4 times their income. Ask About Money's Brendan Burgess doesn't think it's a good move, and will only lead to higher house prices.

 

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