**Government asks Central Bank to ease mortgage deposit rules** THE Government wants the Central Bank to ease the introduction of strict new rules on mortgage borrowing by introducing the changes gradually. In a submission to the Central Bank which will be lodged today, the Department of Finance will offer broad support for the regulators controversial plan to tighten the lending rules while calling for more flexibility in some areas. Finance Minister Michael Noonan will specifically say that he wants the Central Bank to introduce a transition period for the changes, rather than forcing borrowers to raise more money from next month. Mr Noonan also wants more people to be exempt from the rules. The Central Bank has said it believes 15pc of people should be exempt from the ban on borrowing more than 80pc of a mortgage. The deadline for submission of proposals closes today. A group campaigning against the changes will deliver a petition to the Central Bank today. The new group, called Uplift, claimed yesterday the rule will cause more problems than it solves. We will keep you posted on further developments. The New Star Team. (article courtesy of Independent.ie)
Posted on: Mon, 08 Dec 2014 11:26:25 +0000
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