New mortgage rules changes for...


New mortgage rules changes for those divorced, separated or bankrupt

RedFM News
RedFM News

02:52 19 Oct 2022

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People are who are divorced, separated or have gone bankrupt will now be viewed as first time buyers by mortgage lenders.

Under now lending rules announced today, second time and subsequent buyers will need a 10% deposit on a house to secure a loan, instead of the 20% that's currently in place.

The changes were introduced as part of a long review by the Central Bank, which included a public consultation process.

Its governor, Gabriel Makhlouf, says it was time to adapt the rules:

"The rules as they existed got in the way of the way people living their lives today by modernizing the definition of a first time buyer and it will enable people who are divorced separated or, or also have been bankrupt or made insolvent. The rules will adapt the reality of their lives."

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