Mortgage deposit rules likely to stay, hint Central Bank

The Central Bank has hinted that it will not change mortgage deposit restrictions when the first review of the rules is published in November.

In a speech in Dublin at the weekend, deputy governor of the Central Bank Sharon Donnery said it would be unwise to adjust the rules at this stage.

Under the current regime, first-time buyers need a 10% deposit for the first €220,000 of a property price and 20% for the balance. All other buyers require a 20% deposit. The rules also require that banks only lend three-and-a-half times the income of applicants.