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Ireland restricts mortgage lending above 3.5x income


Ireland’s central bank has throttled the amount of mortgage lending banks can do above 3.5x income.

In February 2015 the Central Bank of Ireland said banks could only go above 3.5x income for 20 per cent of borrowers.

But from 1 January 2018 the bank will require lenders to cut the amount of lending to second home buyers beyond the cap from 20 per cent to 10 per cent.

Lenders can still go above the limit for 20 per cent of first-time buyers.

The bank originally brought in the affordability measures to strengthen borrower and bank resilience.

The central bank will review the affordability restrictions annually.



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