Ulster sought over twice the €220k lending cut-off

Ulster Bank lobbied for an upper limit of more than twice the cut-off point the Central Bank will allow mortgages with a 10% deposit to be approved for.

Earlier this week, the Central Bank announced new mortgage lending restrictions which included a concession that first-time buyers would only have to provide a 10% deposit against which to secure a mortgage for a property up to the value of €220,000.

Above that limit, a requirement for a 20% deposit on that additional portion of the loan would also be required.