New Central Bank mortgage rules come into effect

New Central Bank mortgage rules come into effect

The Central Bank’s new rules on mortgage lending have officially taken effect.

The new regulations will take immediate effect on all lenders within the State.

The rules mean most buyers will only be able to borrow three-and-a-half times their income, and will have to save 20% of the property price as a deposit.

Lenders have now also been officially banned from offering any arrangements that help borrowers to get around the regime.

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