Irish central bank eases mortgage rules for first-time buyers

DUBLIN: Ireland's central bank offered relief to first time house buyers as it finalised new regulations on Tuesday to introduce curbs on mortgage lending aimed at avoiding a repeat of a devastating property crash.

The central bank kept a proposal that mortgages be subject to an 80 percent loan-to-value limit for anyone buying for the second time, but said first time buyers could now borrow 90 percent of the value of a home if it cost 220,000 euros or less.

For first-time buyers who exceed the threshold, the 90 percent limit will apply on the first 220,000 euros with an 80 percent limit applicable on any excess value, the central bank said in a statement.