The Central Bank wants to hear your views on the mortgage limits - deadline 31 August

[Brendan Burgess]

The Central Bank is reviewing its limits. This is a good chance to influence policy.

I have moved all relevant threads to this forum to inform the discussion. I am a bit surprised at how few threads there are on the topic. I would have expected a lot of people asking how to qualify for exemptions.

Brendan

 

[MikeL2007]

Thanks Brendan, much like the point when submissions could be made to the Oireachtais about amending the Personal Insolvency Act, I will be making a submission to the Central Bank. The previous process proves it does make a difference

 

[Brendan Burgess]

Anyone planning to make a submission?

http://www.centralbank.ie/stability/MacroprudentialPol/Pages/LoantoValueLoantoIncome.aspx

The deadline has been extended to 31 August.

It is really important for those of you who have been affected by the rules to make a submission.

For example, if you overpaid your mortgage and now you are hit by the 80% limit, whereas if you had not overpaid you would be in negative equity and exempt from the limit.

If you do make a submission, why not post it here to motivate others to make submissions.

Brendan

 

[Brendan Burgess]

I see that the Credit Union Development Association has made a submission calling for different treatment for borrowers in Dublin on the grounds that it is a different market. That is an interesting idea.

http://www.cuda.ie/credit-unions-ca...f-3-75-in-central-bank-mortgage-rules-review/

"CUDA also believes that the mortgage lending limits in Dublin and other large urban areas need to reflect that it is a wholly different market to the rest of the country, with much higher purchase prices and far higher rental prices.

According to Kevin Johnson, CEO of CUDA, “we know the demand is there, but many people cannot meet the new rules because of Loan to income (LTI) rule. While Loan to value (LTV) limits are spoken of far more in the media, we believe that a small modification to the LTI rule would have a bigger impact without causing an undue spike so as to avoid any significant pressure on house prices."