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Home.
Financial System.
Financial Stability.
Macroprudential Policy.
1. Mortgage Measures

In this Section

Mortgage Measures - FAQ.
Mortgage Measures Framework Review.
New Mortgage Lending - Data and Commentary

Mortgage Measures

The mortgage steps are a necessary element of the Central Bank's macroprudential policy structure.

The mortgage determines objective to ensure sustainable loaning standards in the mortgage market.

In doing so, the procedures aim to prevent the emergence of an unsustainable relationship in between credit and home rates and eventually support the resilience of debtors, loan providers and the more comprehensive economy.

The measures work by setting limits on the quantity of money that people can borrow to purchase house utilizing loan-to-income (LTI) and loan-to-value (LTV) limits.

The LTI limitation restricts the quantity of cash you can borrow to a maximum of 4 times gross income for first-time-buyers and 3.5 times gross earnings for second/subsequent purchasers.

So, for instance, a novice buyer couple with a combined earnings of EUR100,000 can borrow approximately an optimum of EUR400,000.

A 2nd and subsequent purchaser with the very same earnings can borrow as much as a maximum of EUR350,000.

The LTV limit needs you to have a minimum deposit before you can get a mortgage. The size of this deposit depends on which classification of buyer you are.

- First-time-buyers and second/subsequent purchasers require to have a minimum deposit of 10%.
- Buy-to-let buyers need to have a minimum deposit of 30%.

Banks and other lending institutions can provide a specific amount above the limits.

The percentage of financing permitted above the limits applies at the level of the customer type, such that:

- 15 percent of first-time-buyer financing can happen above the limitations.
- 15 percent of 2nd and subsequent purchaser loaning can take place above the limitations.
- 10 per cent of buy-to-let-buyer lending can take location above the limitations.

The Central Bank has set out the essential principles of the structure for the macroprudential mortgage procedures in its framework file.

The Central Bank regularly keeps an eye on the mortgage steps and housing markets more broadly and interacts its findings and judgements on these in its biannual Financial Stability Review.

Evolution of the mortgage determines 2015 - 2021

These measures were initially presented in 2015 and were examined on a yearly basis till 2021.

The following offers previous reviews of the mortgage steps, associated research study and Statutory Instruments.

2021 Review of Mortgage Measures (FSR 2021: II)

2020 Review of Mortgage Measures (FSR 2020: II)

2019 Review of Mortgage Market Measures (FSR 2019: II)

2018 Review of Mortgage Market Measures

2017 Review of Mortgage Market Measures

2016 Review of Mortgage Market Measures

The regulations have been based upon in-depth economic analysis and empirical evidence. This research study has actually been published and can be found below.

Economic Letter: Macroprudential Measures and Irish Mortgage Lending: An Evaluation of Recent Data

Policy Paper: The Introduction of Macroprudential Measures for the Irish Mortgage Market

Research Technical Paper: Credit conditions, macro-prudential policy and house costs

Research Technical Paper: Designing macroprudential policy in mortgage financing: Do first-time-buyers default less?

Economic Letter: Do Very first time buyers default less? Implications for macro-prudential policy

Economic Letter: Mortgage insurance in an Irish context

Economic Letter: House rate volatility: The function of various purchaser types

Economic Letter: Assessing the effect of macro-prudential measures

Economic Letter: Macro-prudential measures and the housing market

Economic Letter: Macro-prudential Tools and Credit Risk of Residential Or Commercial Property Lending at Irish banks

Economic Letter: Assessing the sustainability of Irish home rates: 1980 Q1 - 2016 Q2

Economic Letter: Housing supply after the crisis

Economic Letter: Exploring developments in Ireland's local rental markets

Economic Letter: Modelling Irish Rents: Recent Developments in Historical Context

Economic Letter: Macroprudential Measures and Irish Mortgage Lending: Insights from H1 2016

Economic Letter: The Effects of Macroprudential Policy on Borrowers Leverage

Economic Letter: Model-based price quotes of the durability of mortgages at origination

Economic Letter: Originating Loan to Value ratios and the durability of mortgage portfolios

Economic Letter: The income distribution and the Irish mortgage market

Economic Letter: Macroprudential and Irish mortgage loaning: An introduction of financing in 2016

Economic Letter: Macroprudential measures and Irish mortgage financing: Insights from H1 2017

Economic Letter: New mortgage lending activity in a relative context

Financial Stability Note: Macroprudential steps and Irish mortgage financing: An introduction of 2017

Financial Stability Note: Macroprudential steps and Irish mortgage lending: Insights from H1 2018

Financial Stability Note: Lending above macroprudential mortgage limitations: The Irish experience given that 2015

Financial Stability Note: Have First-Time Buyers continued to default less?

Financial Stability Note: Mortgage maintenance concerns and LTI caps

Financial Stability Note: A measure of bindingness in the Irish mortgage market

Financial Stability Note: Mortgage borrowers at the loan-to-income limit

Financial Stability Note: Mortgage payment cost throughout the income distribution

Financial Stability Note: An overview of the Irish housing market

2022 Regulations (Statutory Instrument No. 546 of 2022)

The following Statutory Instruments will be revoked with impact from 1 January 2023

2015 Regulations (Statutory Instrument No. 47 of 2015)

2016 Regulations (Statutory Instrument No. 568 of 2016)

2017 Regulations (Statutory Instrument No. 559 of 2017)

2019 Regulations (Statutory Instrument No. 369 of 2019)

2021 Regulations (Statutory Instrument No. 666 of 2021)

The regulations were likewise informed by a public assessment released in 2014. The Reserve Bank of Ireland released a feedback file providing a summary of reactions to the submissions made during the consultation process and the review process carried out by the Reserve bank of Ireland.

For additional details see: CP87 Macro-prudential policy for property lending.

About the Mortgage Measures Framework Review

Throughout 2021 and 2022, the Reserve bank carried out an evaluation of the mortgage measures framework. The function of the review was to make sure that the mortgage determines continue to remain suitable for function, in light of the advancement of the monetary system and the broader economy because the steps were first presented in 2015.

The evaluation thought about the general framework for, and technique around, the mortgage steps. The conclusions of the review were informed by the Central Bank's analysis of a vast array of proof, lessons from global experience and the feedback received through engagement with the public and other stakeholders. The evaluation concluded in October 2022 with the publication of the revised framework for macroprudential mortgage measures.