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Home. Financial System. Financial Stability. Macroprudential Policy.

Mortgage Measures

In this Section

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

Mortgage Measures

The mortgage steps are an important element of the Central Bank's macroprudential policy structure.

The mortgage determines goal to guarantee sustainable financing requirements in the mortgage market.

In doing so, the steps seek to prevent the introduction of an unsustainable relationship in between credit and home costs and ultimately support the strength of customers, lenders and the .

The steps work by setting limitations on the amount of money that people can borrow to purchase home using loan-to-income (LTI) and loan-to-value (LTV) limits.

The LTI limitation restricts the amount of money you can obtain to an optimum of 4 times gross earnings for first-time-buyers and 3.5 times gross earnings for second/subsequent buyers.

So, for example, a first-time purchaser couple with a combined income of EUR100,000 can borrow up to a maximum of EUR400,000.

A second and subsequent buyer with the very same income can obtain as much as a maximum of EUR350,000.

The LTV limit requires you to have a minimum deposit before you can get a mortgage. The size of this deposit depends upon which category of purchaser you are.

- First-time-buyers and second/subsequent purchasers need 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 certain amount above the limits.

The percentage of financing enabled above the limits applies at the level of the debtor type, such that:

- 15 percent of first-time-buyer financing can happen above the limits.
15 percent of 2nd and subsequent buyer financing can happen above the limits.
10 percent of buy-to-let-buyer lending can happen above the limits.

The Reserve bank has set out the key principles of the structure for the macroprudential mortgage steps in its framework document.

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

Evolution of the mortgage measures 2015 - 2021

These procedures were initially introduced in 2015 and were evaluated on a yearly basis till 2021.

The following offers previous reviews of the mortgage measures, associated research 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 actually been based upon in-depth economic analysis and empirical proof. This research study has actually been released and can be discovered listed below.

Economic Letter: Macroprudential Measures and Irish Mortgage Lending: A Review of Recent Data

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

Research Technical Paper: Credit conditions, macro-prudential policy and home prices

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

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

Economic Letter: Mortgage insurance coverage in an Irish context

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

Economic Letter: Assessing the impact 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 house prices: 1980 Q1 - 2016 Q2

Economic Letter: Housing supply after the crisis

Economic Letter: Exploring advancements 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 quotes of the durability of mortgages at origination

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

Economic Letter: The income distribution and the Irish mortgage market

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

Economic Letter: Macroprudential procedures and Irish mortgage lending: Insights from H1 2017

Economic Letter: New mortgage lending activity in a comparative context

Financial Stability Note: Macroprudential procedures and Irish mortgage lending: An introduction of 2017

Financial Stability Note: Macroprudential procedures 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 servicing problems and LTI caps

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

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

Financial Stability Note: Mortgage repayment affordability throughout the earnings distribution

Financial Stability Note: An introduction of the Irish housing market

2022 Regulations (Statutory Instrument No. 546 of 2022)

The following Statutory Instruments will be revoked with effect 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 policies were likewise notified by a public assessment provided in 2014. The Reserve Bank of Ireland published a feedback file supplying an introduction of actions to the submissions made throughout the consultation procedure and the review procedure carried out by the Reserve bank of Ireland.

For further details see: CP87 Macro-prudential policy for property financing.

About the Mortgage Measures Framework Review

Over the course of 2021 and 2022, the Reserve bank carried out a review of the mortgage measures structure. The purpose of the evaluation was to guarantee that the mortgage measures continue to stay fit for function, in light of the advancement of the financial system and the more comprehensive economy since the procedures were first introduced in 2015.

The review considered the total framework for, and technique around, the mortgage procedures. The conclusions of the evaluation were notified by the Central Bank's analysis of a large range of proof, lessons from worldwide experience and the feedback gotten through engagement with the general public and other stakeholders. The review concluded in October 2022 with the publication of the modified structure for macroprudential mortgage measures.