Banks won't trust 'Joe Regular' with 100% mortgages, says broker
A mortgage broker has today said that new lending rules will not lead to a widespread return of 100% mortgages.
Certain exemptions to the new rules will mean borrowers do not always have to meet deposit requirements.
"Doctors, solicitors, accountants ... people who always get all the best of everything [are more likely to qualify]," said Karl Deeter from Irish Mortgage Brokers.
"Look - finance isn't a fair world."
He added: "People who you can trust with that amount of money as a bank are the ones who will get it.
"If you're Joe Regular, chances are it's not you."
Housing Minister Simon Coveney has denied that yesterday's change in mortgage lending restrictions for first-time buyers will lead to an increase in house prices.
The Central Bank
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"No, I think that the Central Bank made the right decision yesterday," he said Minister Coveney.
"I think they made that decision fully in the knowledge that the Government has introduced a Help To Buy Scheme.
"Don't forget, the Help To Buy Scheme is for first-time buyers who are buying new homes.
"What was announced yesterday by the Central Bank will apply to first-time buyers buying new and second-hand homes."
The Head of the Construction Industry Federation, Tom Parlon, also welcomed new mortgage lending rules.
Mr Parlon said that making it easier to get a mortgage "kills two birds with one stone", helping those in both the rental and retail markets.
He said that increasing the number of buyers provides an incentive for the construction industry.
"If the climate is right, and if it is viable for builders to build, they will build," he said.
"And I think this is helping that climate, and it is helping the plight of the people who are renting at the moment.
"And clearly, if someone moves out of a rental situation, it frees up the rental market.
"So we're killing two birds with one stone."
