Central Bank governor Gabriel Makhlouf has been urged to allow people borrow up to four-and-a-half times their salary to help people currently “locked out” of the property market.
djusting the mortgage lending rules will help relieve soaring rent prices and ease future pension pressures, the Institute of Professional Auctioneers and Valuers (IPAV) has claimed.
In a letter sent to Mr Makhlouf last month, IPAV chief executive Pat Davitt said concerns over the mortgage rules have escalated recently, because people on average incomes have been “effectively locked out of the property market”.
The loan-to-income rules mean people can currently only borrow up to three-and-a-half times their annual salary.
Mr Davitt warned that young buyers earning €50,000 or less are advancing into middle age, and will increasingly find housing options limited as they get older and it becomes more difficult to access a 30-year mortgage.
He also forecast the mortgage rules would have
Continue reading this atricle at https://www.independent.ie/business/personal-finance/property-mortgages/buyers-need-mortgage-rules-tochangeso-they-can-afford-a-homecentral-bank-is-warned-40506651.html