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ARTICLE · 20 OCTOBER 2022

Central Bank Adjusts Its Mortgage Measures Framework

Arthur Cox
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The Central Bank has announced changes to its mortgage measures framework, following its December 2021 consultation (for more information on that consultation...

IrelandFinance and Banking
Arthur Cox
Arthur Cox
Robert Cain
Robert Cain
Sarah Thompson
Sarah Thompson
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The Central Bank has announced changes to its mortgage measures framework, following its December 2021 consultation (for more information on that consultation, read our December 2021 insights here: Mortgage Measures: Central Bank consults on potential 2022 changes).

From 1 January 2023, the following changes will apply:

First-time buyers (FTBs)

  • Criteria: the criteria for a borrower to be considered an FTB for the purposes of the mortgage measures have been adjusted so that borrowers who are divorced or separated or have undergone bankruptcy or insolvency may be considered FTBs for the purposes of the mortgage measures (where they no longer have an interest in the previous property). FTBs who wish to refinance their mortgage on the same property, provided the property remains their principal private residence, can also continue to be considered FTBs.

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This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.

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