Bernard Durkan (Kildare North, Fine Gael)
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113. To ask the Minister for Finance if in the effort to combat the cost of the housing crisis, consideration will be given to allowing first-time or subsequent purchasers to buy a rundown property at its current value and the loan to cover the cost of renovation in circumstances in which it is possible; and if he will make a statement on the matter. [44591/18]

Paschal Donohoe (Dublin Central, Fine Gael)
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The Central Bank has advised that under the Central Bank loan-to-value rules there is no restriction on the type of lending that the Deputy refers to. The definition of “value” in Central Bank (Supervision and Enforcement) Act 2013 (Section 48), (Housing Loan Requirements) Regulations 2015 (S.I. No. 47 of 2015, as amended by S.I No. 568 of 2016 and S.I No. 559 of 2017) allows for the value to be the current market value of the land and buildings, plus the estimated cost of construction (including renovation) at the time of entering into the loan agreement. If this value is higher than the market value of the property after the all construction works take place, as estimated at the time of entering into the loan agreement, then that estimated market value must be used when calculating LTV.