Mortgage Measures | Central Bank of Ireland (2024)

FAQs

What are the central bank rules for mortgages in Ireland? ›

Loan-to-income limit

The Central Bank's rules limit the maximum amount someone can borrow. This is four times your gross annual income if you're a first-time buyer and 3.5 times your gross annual income if you're a second-time or subsequent buyer. The same rules apply regardless of how much you earn.

What Are The New Mortgage Rule Changes? Prospective first time home buyers will be able to borrow up to four times their income when applying for a mortgage, as of January 2023. As a result, this will make owning a home more attainable, especially for those on lower income salaries or single applicants, for example.

In February, Bank of Ireland completed the acquisition of KBC assets including a loan portfolio of €7.8bn and €1.8bn in deposits. The vast majority of that loan portfolio, €7.6bn, were mortgages.

The mortgage measures aim to ensure sustainable lending standards in the mortgage market. In doing so, the measures look to prevent the emergence of an unsustainable relationship between credit and house prices and ultimately support the resilience of borrowers, lenders and the broader economy.

On 27 September 2022, the Central Bank of Ireland (the “Central Bank”) reprimanded and fined The Governor and Company of the Bank of Ireland (“Bank of Ireland”) €100,520,000 pursuant to its Administrative Sanctions Procedure (“ASP”) for a series of significant and long-running failings in respect of 15,910 tracker ...

If you really want to keep your personal finances easy to manage don't buy a house for more than three times(3X) your income. If your household income is $120,000 then you shouldn't be buying a house for more than a $360,000 list price.

The leading score on rate, whilst not dropping many points on the basis of flexibility, makes Avant Money's 15-30 year Fixed rates the best mortgage rates Ireland 2024 choice overall across all loan to values and also the best fixed mortgage rates in our comparison of the whole mortgage market.

The 5 year rule for home ownership refers to the requirement that individuals must have owned and used their home as their primary residence for at least 5 consecutive years out of the last 8 years in order to qualify for certain tax benefits, such as the capital gains exclusion.

If you have a history of bad credit, you may struggle to obtain mortgage approval. This can happen if you didn't pay off previous loans, or missed repayments in the past. When you apply for a mortgage, a lender will run a check to view your credit history on the Central Credit Register (CCR).

As KBCI (now Exicon) would no longer be operating in the Irish market, on the 25th May 2023 KBCI (now Exicon) and KBC Bank NV (Exicon's Belgian parent company), acting through its branch in Ireland agreed the transfer of any remaining accounts and servicing activity to KBC Bank NV Dublin Branch (“KBC Dublin Branch”).

Who owns KBC Bank Ireland? ›

KBC Group

KBC Bank Ireland / Parent organization

The rights to the show are owned by Sony Television in India, and it is estimated that the show generates a significant amount of revenue through advertising and sponsorships. In terms of TRPs (television rating points), KBC has been one of the highest rated shows in India, especially during its early seasons.

Central Bank announces targeted changes to Mortgage Measures Framework. Changes follow a comprehensive review, including engagement with the public. New rules will take effect in January 2023. First-time buyers will be able to borrow up to 4 times their gross income.

The 28/36 rule is a calculation that helps you know how large a mortgage you can afford. Lenders want your housing costs to be 28% or less of your income, and for all your expenses to be under 36% of your pay.

What's the minimum amount I can borrow? The minimum loan amount you can borrow for a mortgage is €40,000. The minimum loan amount for further advances is €25,000.

With the mortgage measures, the Central Bank aims to ensure sustainable lending standards in the mortgage market.

Finance Ireland Credit Solutions Designated Activity Company, trading as Finance Ireland Residential Mortgages, Finance Ireland Agri, Finance Ireland Leasing, Finance Ireland Commercial Mortgages and Finance Ireland is regulated by the Central Bank of Ireland.

The Central Bank of Ireland serves the public interest by safeguarding monetary and financial stability and by working to ensure that the financial system operates in the best interests of consumers and the wider economy. Our Strategy outlines how the Central Bank will deliver on its mandate in the coming three years.