New mortgage rules provide some relief for first-time buyers

New regulations on mortgage lending have been announced by the Central Bank, providing some relief for first-time buyers.

The rules, which are aimed at preventing another property bubble, were discussed at the Central Bank Commission’s monthly meeting yesterday.

First-time buyers will now be able to borrow 90% of their property’s cost, up to a limit of €220,000. They will have to provide a further 20% deposit on any amount exceeding this.