Mortgage rules ‘put ownership of homes beyond reach of many’
Mortgage Brain Ireland, which supplies systems to mortgage brokers, agents, and banks, said its research showed that almost half of potential home buyers will be stopped in their tracks from securing a home loan in the next three years because the Central Bank rules are too onerous.
Chairman Michael Dowling said: “This represents 12,000 first-time mortgage seekers who will be trapped into funding rental payments of almost €70m annually, at a time when rent rolls are increasing by a national average of 8.2%.”
