New mortgage restrictions unveiled
Most people seeking a mortgage from next year will be restricted to borrowing a maximum of 80% of the cost of the property. It's just one of a number of new rules from the Central Bank in order to prevent another property market bubble. Borrowers will in the main also be restricted to borrowing around three and a half times their income. The new rules will be on top of normal prudent lending by banks such as stress tests on borrowers. Deputy Governor at the Central Bank Cyril Roux says some mortgages that break the new rules will be allowed: Press PLAY button above to listen to the audio
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