The new governor of the Central Bank says controversial mortgage rules, which particularly affect first time buyers, will be reviewed this summer.
Philip Lane has told the Irish Times that the regulations – which require a 10 per cent deposit from first time buyers – will be reviewed when a full year of data is available.
The controversial mortgage regulations, introduced last September, have had a particular impact on first time buyers – they require a 10 per cent deposit, which can be quite a substantial amount, particularly in the Dublin market.
The Finance Minister Michael Noonan has already called on the bank to review the regulations – saying they were brought in to dampen down the market, but the situation has changed since then.
However, Professor Lane has told the Irish Times that not all of these changes are a result of the regulations – and the shift from buying to renting, as well as an increase in commuter belt house prices, was expected.
Professor Lane says a review will take place when a full year of data is available – meaning any potential changes won't happen until the Autumn, at the earliest.
