New mortgage lending rules

Touchee

I haven't seen a thread on this yet, but I believe the recent change in the mortgage lending rules, is likely to bring more first time buyers to the market.

I personally found the previous rules ( 10% on the first €220,000 and 20% on the balance) to be very restrictive, considering the state of the rental market that hinders even more the ability to save.

However, the lack of supply and resulting increased demand is likely to push prices up.

I think this is a good move by the government, but it's not enough. Suggested solutions:
1. The government should start building and selling.
2. Impose a tax on developers hoarding land that has planning permission.
3. Similar to Canada (Vancouver), impose an additional tax on empty homes that are not a principal private residence.

Any opinions on the new lending rules?

http://www.irishexaminer.com/ireland/first-time-buyer-deposit-cut-to-10-in-new-mortgage-rules-432081.html

ytpe2r5bxkn0c1

You mustn't have looked in the Accommodation forum so.

Oodoov

As usual reactive instead of proactive governance from our inept politicians. We are always behind the curve. Pathetic.