Longford mortgage holders and those looking to get onto the property ladder are being invited to take part in a Central Bank online survey
Longford mortgage holders and those looking to get on the property ladder are being invited to take part in a Central Bank online survey as part of a review into the process.
The survey invites people to share their views and experiences on the functioning of the mortgage measures to date, their perspectives on what a sustainable mortgage market looks like, and what elements of the mortgage measures they think the Central Bank should focus on as part of the framework review.
The measures were introduced by the Central Bank in 2015 to help guard against excessively loose lending standards in the mortgage market. While not always understood as such, the measures are essential to our mission to serve the public by maintaining monetary and financial stability and ensuring that the financial system operates in the best interests of consumers and the wider economy.
In an open letter to the Leader this week, Central Bank Governor Gabriel Makhlouf said the initiative is part of a wider move towards understanding the public's views on Ireland's mortgage marketplace.
“We’ve seen that most clearly during the pandemic when almost half of all workers, including many people in Longford, relied on the State for some of their income,” he said.
“By mid-summer 2020, payment breaks were granted on more than €10.8 billion of mortgage debt in the domestic banking system. Loans drawn down before the introduction of the mortgage measures accounted for 72% of these payment breaks - this points to more resilient borrowers since the measures were implemented.
“We want to gather perspectives on what a sustainable mortgage market looks like and whether readers think the mortgage measures have been effective in achieving their goals.
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