Advocate urges no change in mortgage rules

A leading mortgage advocate has said the rules restricting lending are not punishing first-time buyers and that the Central Bank should not change them significantly.

Brendan Burgess, of the Fair Mortgage Rates Campaign, said the rules, brought in 19 months ago, are doing what they set out to do — protecting consumers from a surge in house prices when there is little supply of new homes on the market.

In his submission to the Central Bank, which is conducting a review, Mr Burgess urges the regulator to stand fast and calls for “no fundamental change” to the rules.