The news was announced this afternoon.
The Central Bank will remove the €220,000 cap on mortgage lending for first-time buyers.
The rule requiring first-time buyers to have a deposit of 20% on properties above a certain value will be scrapped.
This means that first time buyers will be able to borrow up to 90% of a value of a home, with a requirement for a 10% minimum deposit.
The 20% minimum deposit requirement (i.e. maximum Loan To Value ratio of 80%) continues to apply to second and subsequent buyers.
The new restrictions will come into effect on January 1, 2017.
The current restrictions were introduced last year in a bid to help regulate the housing market and prevent it from overheating once again.
Under the current cap, first time buyers must have a 10% deposit on all homes valued up to €220,000 and a 20% deposit on all homes in excess of €220,000.
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