A property developer is complaining that the current mortgage rules are preventing people who can afford a mortgage from qualifying. The Central Bank limits people to borrowing only 3.5 times their income in Ireland where the rest of the UK has the limit of 4 times their income. The average price of a home has fallen in Dublin according to the latest data. This slow down in home prices is being attributed to the mortgage ceilings.
- A property developer, Michael O’Flynn has claimed expressly that people are not wont to buy houses today because the central bank’s mortgage rules are dysfunctional.
- People in Dublin cannot buy and sell houses because the Central Bank pegs the mortgage they can receive at three and a half times their income.
- The Central Bank is trying to protect people, but in reality, they are excluding them from buying houses by putting forward those mortgage policies.
“The current slowdown in house price inflation is being attributed to the bank’s mortgage ceilings.”