Struggling to buy a home? Long-term mortgage may suit those who cannot pass income rules

A long-term mortgage may suit those who can’t pass the Central Bank’s stress test

The introduction of long-term mortgages in Ireland may help you qualify for a larger home loan. Photograph: iStock

The introduction of long-term mortgages in Ireland may help you qualify for a larger home loan. Photograph: iStock

With house prices continuing to rise, maximising your loan – in an affordable manner, of course – has become increasingly important. Having an additional amount to play with may mean the difference in securing your home or not.

This has been one of the criticisms of the Central Bank’s strict income multiples under its macroprudential rules, in that it is too restrictive in terms of how much it allows people to borrow. However, the rules are not the only thing that impact and, in some instances, people can’t even qualify for the maximum allowed under these rules.

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