Saturday 25 June 2016

First time buyers less likely to fall behind on mortgage payments - research

Published 10/12/2014 | 14:17

FIRST-time buyers are less likely to get behind on their mortgage payments than those who are on their second or third home loan.

New research from economists based in the Central Bank shows that first-time buyers have lower default rates than other participants in the housing market.

The research appears to bolster the case for the Central Bank easing off on plans to impose strict lending restrictions on first-time buyers.

The findings from the new economic paper were issued two days after the deadline for submissions on the proposed strict new lending restrictions was closed by the Central Bank

However, the Central Bank denied that the research was held back, and stressed the findings in the research paper were the personal views of the authors and not the official views of the Central Bank.

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