Housebuilder Glenveagh looks for 'flexibility' in Central Bank mortgage loan limits

Easing strictures such as the loan-to-income cap could help many families who are now locked out of buying a home

Glenveagh CEO Stephen Garvey said that loosening rules on home loans could free up young families to enter the property market. Picture: iStock

Changes to the Central Bank mortgage rules to allow "flexibility", including loosening the loan-to-income cap could help first-time buyers locked out of buying a home during the crisis, the boss of housebuilder Glenveagh Properties has said. 

Chief executive Stephen Garvey said that, in some circumstances, allowing young couples buying their first property to borrow more than 3.5 times their gross salary, as currently permitted under the mortgage rules, could help them acquire a new home.