NEW LOAN LIMITS ‘STILL TOO HIGH’

Central Bank limits on mortgage lending have eased for first-time buyers – but they are still ‘too onerous’ for some.

‘First-time buyers are forming a growing share of the market at 48.2% of approvals, while mover purchasers are at a disappointing 32%,’ said Rachel McGovern, chief operations officer of the Professional Insurance Brokers Association.

She said the rules ‘have been responsible for locking many young would-be buyers out of the market. They may also be responsible for preventing new lenders entering the Irish market, bringing badly needed competition in terms of interest rates’.