Central Bank defends home loan rules

Central Bank governor Philip Lane has rejected claims the Central Bank’s decision not to loosen mortgage lending controls will deny many first-time buyers of the means of buying a home.

The country’s largest broker group, Brokers Ireland, said it was “very disappointed” by the bank’s decision to keep its loan to value and loan to income rules unchanged for another year, saying that rents were “substantially” higher than meeting the costs of servicing a mortgage across the country.