Central Bank eases rules for first-time buyers

The central bank is set to ease the 10% rule for first-time buyers.

From the beginning of next year, first-time buyers will need 10% of the property value as a deposit – regardless of the property value.

Presently first-time buyers are required to have deposits worth 10% of the property value up to €220,000 and 20% thereafter.

The Central Bank has also relaxed the rules allowing banks to make exceptions for some customers.

5% of new first-time buyers will be allowed to breach the 10% rules, while 20% of all other buyers purchasing a primary residence will be able to breach the 20% rule.