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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 aspect of the Central Bank's macroprudential policy structure.
  
  The mortgage measures aim to ensure sustainable loaning requirements in the mortgage market.
  
  In doing so, the measures aim to prevent the development of an unsustainable relationship in between credit and house prices and eventually support the durability of borrowers, lenders and the broader economy.
  
  The steps work by setting limitations on the amount of cash that individuals can obtain to purchase home utilizing loan-to-income (LTI) and loan-to-value (LTV) limitations.
  
  The LTI limitation restricts the amount of cash you can obtain to an optimum of 4 times gross earnings for first-time-buyers and 3.5 times gross income for second/subsequent purchasers.
  
  So, for example, a novice purchaser couple with a combined income of EUR100,000 can borrow up to a maximum of EUR400,000.
  
  A second and subsequent purchaser with the very same income can borrow up to an optimum of EUR350,000.
  
  The LTV limitation needs you to have a minimum deposit before you can get a mortgage. The size of this deposit depends upon which category of buyer you are.
  
  - First-time-buyers and second/subsequent purchasers require to have a minimum deposit of 10%.
• Buy-to-let buyers require to have a minimum deposit of 30%.
  
  Banks and other loan providers can provide a certain amount above the limits.
  
  The percentage of lending permitted above the limitations applies at the level of the customer type, such that:
  
  - 15 per cent of first-time-buyer lending can occur above the limits.
• 15 percent of second and subsequent purchaser financing can happen above the limitations.
• 10 per cent of buy-to-let-buyer lending can occur above the limits.
  
  The Central Bank has set out the essential concepts of the framework for the macroprudential mortgage procedures in its framework file.
  
  The Reserve bank regularly keeps an eye on the mortgage steps and housing markets more broadly and communicates its findings and judgements on these in its biannual Financial Stability Review.
  
  Evolution of the mortgage determines 2015 - 2021
  
  These procedures were initially introduced in 2015 and were examined on a yearly basis till 2021.
  
  The following provides 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 policies have been based on in-depth financial analysis and empirical evidence. This research has actually been released and can be found 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 house costs
  
  Research Technical Paper: Designing macroprudential policy in mortgage lending: Do first-time-buyers default less?
  
  Economic Letter: Do 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 function of various purchaser 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 quotes of the strength 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 loaning in 2016
  
  Economic Letter: Macroprudential measures and Irish mortgage lending: Insights from H1 2017
  
  Economic Letter: New mortgage financing activity in a comparative context
  
  Financial Stability Note: Macroprudential procedures and Irish mortgage lending: An introduction of 2017
  
  Financial Stability Note: Macroprudential procedures and Irish mortgage loaning: Insights from H1 2018
  
  Financial Stability Note: Lending above macroprudential mortgage limitations: The Irish experience considering 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 measure of bindingness in the Irish mortgage market
  
  Financial Stability Note: Mortgage borrowers at the loan-to-income limitation
  
  Financial Stability Note: Mortgage repayment price throughout the income circulation
  
  Financial Stability Note: An introduction of the Irish housing market
  
  2022 Regulations (Statutory Instrument No. 546 of 2022)
  
  The following Statutory Instruments will be revoked 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 policies were likewise notified by a public consultation released in 2014. The Central Bank of Ireland released a feedback document supplying an overview of reactions to the submissions made throughout the assessment process and the review procedure undertaken by the Central Bank of Ireland.
  
  For further information see: CP87 Macro-prudential policy for property lending.
  
  About the Mortgage Measures Framework Review
  
  Over the course of 2021 and 2022, the Reserve bank performed an evaluation of the mortgage determines framework. The purpose of the evaluation was to guarantee that the mortgage measures continue to stay suitable for function, in light of the development of the financial system and the wider economy since the steps were initially presented in 2015.
  
  The review considered the overall framework for, and method around, the mortgage measures. The conclusions of the review were notified by the Reserve bank's analysis of a broad range of proof, lessons from international experience and the feedback received through engagement with the public and other stakeholders. The evaluation concluded in October 2022 with the publication of the revised structure for macroprudential mortgage procedures.
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