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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 a vital element of the Reserve bank's macroprudential policy structure.
  
  The mortgage determines goal to ensure sustainable financing standards in the mortgage market.
  
  In doing so, the measures aim to prevent the emergence of an unsustainable relationship in between credit and house rates and ultimately support the durability of debtors, loan providers and the more comprehensive economy.
  
  The measures work by setting limitations on the quantity of cash that individuals can obtain to purchase house utilizing loan-to-income (LTI) and loan-to-value (LTV) limits.
  
  The LTI limit restricts the quantity of cash you can obtain to a maximum of 4 times gross earnings for first-time-buyers and 3.5 times gross income for second/subsequent purchasers.
  
  So, for instance, a newbie buyer couple with a combined earnings of EUR100,000 can borrow as much as a maximum of EUR400,000.
  
  A 2nd and subsequent buyer with the same income can borrow approximately a maximum 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 upon which category of purchaser you are.
  
  - First-time-buyers and second/subsequent buyers require to have a minimum deposit of 10%.
• Buy-to-let buyers need to have a minimum deposit of 30%.
  
  Banks and other loan providers can provide a specific amount above the limits.
  
  The proportion 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 limitations.
• 15 per cent of 2nd and subsequent buyer loaning can take location above the limitations.
• 10 per cent of buy-to-let-buyer loaning can take location above the limitations.
  
  The Central Bank has actually set out the essential principles of the structure for the macroprudential mortgage procedures in its structure file.
  
  The Central Bank regularly keeps an eye on the mortgage procedures 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 steps were initially introduced in 2015 and were evaluated on a yearly basis up until 2021.
  
  The following supplies previous evaluations of the mortgage procedures, 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 extensive economic analysis and empirical evidence. This research has been released and can be found 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 rates
  
  Research Technical Paper: Designing macroprudential policy in mortgage lending: Do first-time-buyers default less?
  
  Economic Letter: Do Very first time buyers default less? Implications for macro-prudential policy
  
  Economic Letter: Mortgage insurance coverage in an Irish context
  
  Economic Letter: House rate volatility: The role of different purchaser types
  
  Economic Letter: Assessing the effect of macro-prudential steps
  
  Economic Letter: Macro-prudential steps 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 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 price quotes of the strength of mortgages at origination
  
  Economic Letter: Originating Loan to Value ratios and the strength of mortgage portfolios
  
  Economic Letter: The income distribution and the Irish mortgage market
  
  Economic Letter: Macroprudential and Irish mortgage loaning: An overview 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 procedures and Irish mortgage loaning: A summary of 2017
  
  Financial Stability Note: Macroprudential steps and Irish mortgage loaning: 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 burdens and LTI caps
  
  Financial Stability Note: A procedure of bindingness in the Irish mortgage market
  
  Financial Stability Note: Mortgage customers at the loan-to-income limitation
  
  Financial Stability Note: Mortgage repayment cost throughout the income circulation
  
  Financial Stability Note: A summary 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 guidelines were likewise informed by a public assessment provided in 2014. The Reserve Bank of Ireland released a feedback document supplying a summary of reactions to the submissions made throughout the consultation procedure and the review procedure undertaken by the Central Bank of Ireland.
  
  For additional information see: CP87 Macro-prudential policy for property lending.
  
  About the Mortgage Measures Framework Review
  
  Over the course of 2021 and 2022, the Central Bank conducted 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 more comprehensive economy since the measures were initially presented in 2015.
  
  The evaluation thought about the total structure for, and strategy around, the mortgage measures. The conclusions of the review were informed 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 evaluation concluded in October 2022 with the publication of the revised framework for macroprudential mortgage procedures.