Ulster Bank opposes 20% mortgage deposit plans

It is understood that Ulster Bank supports keeping the 90% loan-to-value rule for mortgages with a value of €500,000 or less, as this will include the bulk of first-time buyers.

Higher loan-to-value ratios of up to 80% would then be applied to mortgages above €500,000 as this will mostly apply to people trading up who would be able to afford a 20% deposit, said Ulster Bank.

The deadline for submissions to the Central Bank on the proposed mortgage lending regulations was midnight last night. The Department of Finance made its submission yesterday morning and the banks made their submissions later in the day.