Get tough on loans to homebuyers, banks told

HOUSE HUNTERS will have to provide extensive financial details to qualify for a mortgage as figures show the average home loan is over €150,000.

The Irish Financial Services Regulatory Authority (IFSRA) will order financial institutions to tighten up checks amid fears lending practices have become lax.

Central Bank credit figures for September show mortgage lending rose by 24.6% on this time last year and is at its highest level since 2000. The overall level of home loans now exceeds €50 billion.