Noonan calls for review of mortgage caps for first-time buyers

Minister for Finance Michael Noonan wants the Central Bank to review mortgage caps for first-time homebuyers.

Citing anxiety about constraints in the Dublin market particularly, Mr Noonan said: “There is a shortage of starter homes in Dublin now.

“Builders would say that the application of the prudential regulations from the bank might be too restrictive,” he said.

“What I’m saying is that market conditions are changing rapidly and there are aspects of it now which, according to the construction industry, are inhibiting starter homes.

“All I’m saying is the bank should review. If the bank say we’re not changing anything then of course I’ll accept that.”

His intervention, in an interview with The Irish Times, comes eight months after the Central Bank introduced loan and income limits to damp down the property market.

Read the full story here.

The post Noonan calls for review of mortgage caps for first-time buyers appeared first on MyHome.ie Advice & Blog.