THE DEPARTMENT OF Finance has warned the Central Bank that under proposed mortgage rules home ownership will be concentrated among ’the wealthier and higher income groups in society’, the Irish Independent reports.

The proposed guidelines would require most potential home buyers to come up with a 20% minimum deposit, and most loans will be for a maximum of three-and-a-half times the borrower’s income.

In their submission, Finance officials reportedly call the rules “unduly restrictive”.

What do you think: Will only rich people be able to buy houses under the proposed new mortgage rules?

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Poll: Will only rich people be able to buy houses under new mortgage rules?

Poll Results:

Making a difference

A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.