Major mortgage changes ‘unlikely’ say property and mortgage firms

Property and mortgage firms welcomed the Central Bank’s commitment to review mortgage lending restrictions, but warned against expecting any substantial relaxation, and said buyers will have to continue to save hefty deposits.

Ken Murray, of the Association of Expert Mortgage Advisors, said: “Our hope would be that any review would be focused on slight alterations, in particular when you look at the implications of the rules towards Dublin.

“It’s requiring a first-time buyer in Dublin to have over €45,000 saved. Set against a backdrop of rising rents, that’s becoming extremely difficult to do,” he said.