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Mortgage rule changes: First time buyers to be allowed to borrow 4 times their salary and 20% deposit dropped for movers

First time buyers and movers will be impacted by the central bank’s modifications to its mortgage lending regulations. First time buyers will be able to borrow up to four times their salary for a mortgage as a result of the changes, starting in January 2023. Second and subsequent buyers will still be limited to taking out a mortgage that is up to three and a half times their salary. Additionally, the macroprudential policy’s exemption from income and loan to value restrictions will only apply to 15% of mortgages. Currently, up to 20% of mortgages are free from lending restrictions.

Further, a broader definition of a first time buyer is being established.

When a borrower no longer has a stake in the prior property due to divorce, separation, bankruptcy or insolvency they may be regarded as first time buyers for the mortgage measures.

Additionally as long as the property remains their priamary residence, a first time buyer who obtains a top up loan or remortgages with an increase in the principle may be regarded as “first time”.

For more information visit: The Central Bank of Ireland.

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