Éamon Ó Cuív (Galway West, Fianna Fail)
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161. To ask the Minister for Finance in relation to the new limits for mortgages for residential dwelling units, if he will outline the limits for new mortgages for first-time buyers and for those trading up; if he will indicate the rationale for two categories; the exceptions which are allowed for those who previously had a mortgage but wish to be classified as a first-time buyer; if owner-occupiers who purchased homes at a location (details supplied) in Dublin 13 and lost their savings and-or deposits in that development have been refused the classification of first-time buyer as regards higher mortgages; in view of the difficulties experienced in this case, if he will instruct that previous owners of homes at the location be treated as first-time buyers; and if he will make a statement on the matter. [14537/15]

Michael Noonan (Limerick City, Fine Gael)
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The Central Bank of Ireland has put in place new macro prudential regulations for residential mortgage lending (S.I. No. 47 of 2015). These provide for a maximum loan-to-value (LTV) for a First Time Buyer (FTB) to be no more than 90% of the first €220,000 of a property's value and 80% thereafter where the property is a principal home. For Non-FTBs, the maximum LTV is 80%. The regulations also state that a FTB is a borrower to whom no housing loan has ever before been advanced.

Nevertheless, the regulations allow some flexibility to lenders in assessing individual applications in that up to 15 per cent of total new lending may exceed the LTV thresholds if so decided by lenders. However, the Central Bank has also advised that it would not be appropriate for it to comment on specific cases but borrowers could engage directly with their individual bank on this matter.