Mortgage lending rules ‘will be introduced immediately’

The new Central Bank rules on mortgage lending will be introduced immediately once they are agreed next week.

There has been speculation that a new loan-to-value cap would be phased in over time, but it is believed the Central Bank will look to introduce the new rules once they are unveiled on Thursday.

According to people familiar with the situation, the Central Bank governor, Patrick Honohan, in particular, is insisting the new rules are implemented once agreed as he believes any staged introduction would distort the market.