A Clare auctioneer doesn’t believe new mortgage lending rules will ‘shake up’ the housing market.
From January, first time buyers will be able to draw down mortgages 4 times the value of their annual salary, an increase from the current 3.5 times rate.
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Those trying to move up the property ladder will now only need a 10% deposit, down from the previous 20% threshold and those who’ve gone through a divorce, separation or bankruptcy can be categorised as a first-time buyer once more.
However, Douglas Hurley from DNG O’Sullivan Hurley Auctioneers in Ennis says the loosening of rules won’t result in a huge pool of newly eligible buyers.
Listen to the full interview here:
