Decision on 20% mortgages deposit rule due in days

The Governor of the Central Bank Patrick Honohan has said a decision on if a 20% deposit will be required to secure a mortgage will be made in days.

The Central Bank has carried out a public consultation on the matter, which Honohan added will inform their decision.

It has been suggested that prospective buyers should have one fifth of the cost of a house saved before being granted a mortgage for the rest of the value.

However, critics have said this will be impossible for ordinary savers, particularly in raising the capital.