Bank eases rules on mortgage lending

AIB has relaxed its lending conditions for people seeking a mortgage, in a move that will see more people qualifying.

In what experts have called a positive step, the bank has reduced the money needed to live on, after loan commitments have been met, from €1,500 to €1,250 for a single person and from €2,500 to €2,000 for a couple. Experts said this will mean more people will now qualify for a mortgage.

Operations manager with Irish Mortgage Brokers, Karl Deeter, said: “Prudent and conservative lending is important but we have gone beyond that so some loosening of criteria is good to see.