The removal of the €220,000.00 cap on mortgage lending for first time buyers who already have a 10% deposit was welcome news from the Central Bank today. The current ceiling on loans is at 90% up to €220,000 and at 80% for the balance of a mortgage over €220.000.
According to Central Bank Governor Philip Lane this change has come about due to the increase in property prices and higher earnings.
Limerick Estate Agents and Auctioneers welcome this announcement and see it as a positive move in the long-term. Read more on this at rte.ie/news