New Homes: First-time buyers will welcome new lending rules

New Central Bank lending rules on mortgages will be broadly welcomed by first-time home buyers. Conor Power reports

Under new lending rules, since January first-time buyers can borrow up to four times their annual gross salary.

The high priests at the church of national finance that is the Central Bank have finally answered the prayers of the masses of people looking to become first-time buyers in this country.

They have changed the lending rules when it comes to how much people can borrow to buy their first home. Up to the 31st of December last, any individual first time buyer could borrow a sum of no more than 3.5 times their annual gross salary. Since the 1st of January, that has been increased to 4 times their annual gross salary.