A Clare financial advisor fears new mortgage lending rules could push up house prices.
The Central Bank this morning confirmed that mortgage lending rules will be eased from January to allow first time buyers borrow four times their gross income, an increase from the current 3.5 times rate.
Second time buyers will now only need a 10 percent deposit, down from the previous threshold of 20 percent and people who have gone through divorce separation or bankruptcy can now be reclassified as first time buyers.
Tommy Corbett of Carey Corbett Financial Solutions in Ennis has been telling Clare FM’s Rebecca O’Sullivan he isn’t sure this is a positive move given the current shortage in housing supply.
Listen back to the full interview here:
