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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 procedures are an essential component of the Reserve bank's macroprudential policy framework.

The mortgage determines objective to guarantee sustainable loaning requirements in the mortgage market.

In doing so, the procedures want to prevent the development of an unsustainable relationship between credit and house rates and eventually support the durability of customers, lending institutions and the wider economy.

The procedures 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 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 newbie purchaser couple with a combined income of EUR100,000 can borrow as much as an optimum of EUR400,000.

A 2nd and subsequent buyer with the exact same income can obtain up to an optimum of EUR350,000.

The LTV limitation requires 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 buyers need to have a minimum deposit of 10%.
- Buy-to-let buyers need to have a minimum deposit of 30%.

Banks and other lenders can provide a specific amount above the limitations.

The percentage of loaning permitted above the limitations uses at the level of the borrower type, such that:

- 15 per cent of first-time-buyer lending can occur above the limitations.
- 15 per cent of second and subsequent buyer loaning can happen above the limits.
- 10 percent of buy-to-let-buyer loaning can occur above the limits.

The Central Bank has actually set out the crucial principles of the structure for the macroprudential mortgage measures in its framework file.

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

Evolution of the mortgage measures 2015 - 2021

These procedures were first introduced in 2015 and were reviewed on a yearly basis up until 2021.

The following offers previous evaluations of the mortgage measures, 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 guidelines have been based upon thorough economic analysis and empirical proof. This research has been published 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 loaning: Do first-time-buyers default less?

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

Economic Letter: Mortgage insurance coverage in an Irish context

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

Economic Letter: Assessing the effect of macro-prudential steps

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 residential home costs: 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 price quotes of the resilience 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 loaning: An introduction of loaning in 2016

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

Economic Letter: New mortgage lending activity in a relative context

Financial Stability Note: Macroprudential procedures and Irish mortgage financing: A summary of 2017

Financial Stability Note: Macroprudential measures and Irish mortgage loaning: Insights from H1 2018

Financial Stability Note: Lending above macroprudential mortgage limitations: The Irish experience since 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 measure of bindingness in the Irish mortgage market

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

Financial Stability Note: Mortgage repayment affordability across 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 withdrawed 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 notified by a public assessment issued in 2014. The Reserve Bank of Ireland published a feedback document providing an introduction of actions to the submissions made during the consultation process and the review procedure undertaken by the Central Bank of Ireland.

For further info see: CP87 Macro-prudential policy for residential financing.

About the Mortgage Measures Framework Review

Over the course of 2021 and 2022, the Central Bank carried out a review of the mortgage measures structure. The purpose of the review was to guarantee that the mortgage determines continue to remain in shape for function, because of the development of the monetary system and the wider economy considering that the measures were first presented in 2015.

The evaluation considered the general structure for, and method around, the mortgage measures. The conclusions of the evaluation were informed by the Reserve bank's analysis of a wide variety of evidence, lessons from international experience and the feedback received through engagement with the general public and other stakeholders. The review concluded in October 2022 with the publication of the revised structure for macroprudential mortgage steps.