Teacher, solicitor, tech worker: What kind of home can they buy?

While supply remains limited, there are still homes available for a range of budgets

Galway city: Two-bed apartment in Knocknacarra for €225,000 (Agent O’Donnellan & Joyce)

Galway city: Two-bed apartment in Knocknacarra for €225,000 (Agent O’Donnellan & Joyce)

While they may currently be the subject of a review, the Central Bank’s mortgage rules look here to stay at least for the short term.

Typically limiting buyers to borrowing 3.5 times their income to purchase a home, with a further requirement of a 10 per cent down payment, it means that first-time buyers are tied closely to a multiple of their salary when it comes to working out the budget for their first home. Or at least those without substantial parental gifts are – the prevalence of the bank of mum and dad may be one reason why prices have risen so sharply, despite the presence of the mortgage rules.

The Irish Times
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