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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 essential component of the Central Bank's macroprudential policy framework.

The mortgage measures goal to guarantee sustainable loaning standards in the mortgage market.

In doing so, the steps look to avoid the development of an unsustainable relationship in between credit and home costs and eventually support the durability of customers, loan providers and the more comprehensive economy.

The measures work by setting limits on the quantity of money that individuals can borrow to buy home using loan-to-income (LTI) and loan-to-value (LTV) limits.

The LTI limitation restricts the amount 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 example, a newbie buyer couple with a combined income of EUR100,000 can obtain as much as a maximum of EUR400,000.

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

The LTV limit needs you to have a minimum deposit before you can get a mortgage. The size of this deposit depends on which classification of purchaser you are.

- First-time-buyers and second/subsequent purchasers require to have a minimum deposit of 10%.

Buy-to-let purchasers need to have a minimum deposit of 30%.

Banks and other loan providers can lend a specific quantity above the limitations.

The proportion of financing allowed above the limitations applies at the level of the debtor type, such that:

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

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

The Reserve bank regularly keeps track of the mortgage steps 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 an annual basis until 2021.

The following provides previous reviews 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 regulations have been based upon extensive financial analysis and empirical proof. This research has actually been released and can be found listed below.

Economic Letter: Macroprudential Measures and Irish Mortgage Lending: An Evaluation 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 costs

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

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

Economic Letter: Mortgage insurance in an Irish context

Economic Letter: House price volatility: The function of different buyer types

Economic Letter: Assessing the impact of macro-prudential procedures

Economic Letter: Macro-prudential procedures 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 developments in Ireland's regional 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 estimates of the durability of mortgages at origination

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

Economic Letter: The income circulation and the Irish mortgage market

Economic Letter: Macroprudential and Irish mortgage lending: An overview of lending 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 steps and Irish mortgage lending: An introduction 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 because 2015

Financial Stability Note: Have First-Time Buyers continued to default less?

Financial Stability Note: Mortgage maintenance concerns and LTI caps

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

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

Financial Stability Note: Mortgage repayment price throughout the income distribution

Financial Stability Note: An overview of the Irish housing market

2022 Regulations (Statutory Instrument No. 546 of 2022)

The following Statutory Instruments will be withdrawed with result 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 also notified by a public assessment issued in 2014. The Central Bank of Ireland released a feedback document offering a summary of actions to the submissions made during the assessment procedure and the review process carried out by the Reserve bank of Ireland.

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

About the Mortgage Measures Framework Review

Throughout 2021 and 2022, the Central Bank performed a review of the mortgage measures structure. The function of the evaluation was to guarantee that the mortgage determines continue to remain suitable for function, due to the advancement of the monetary system and the broader economy since the procedures were initially presented in 2015.

The review thought about the total structure for, and strategy around, the mortgage steps. The conclusions of the review were informed by the Central Bank's analysis of a wide variety of evidence, lessons from global 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 modified structure for macroprudential mortgage steps.