APPLICATIONS for mortgage exceptions are expected to surge to record levels in January as lenders respond to pent-up demand from borrowers. Exemptions to the strict Central Bank lending rules were paused for much of last year due to the uncertainty in the mortgage market brought on by Covid-19 pandemic. Banks are allowed to issue a certain amount of mortgage exceptions to Central Bank lending rules every year. Getting an exemption is often popular for mortgage applicants seeking to buy urban homes, where prices often exceed these income limitations. This is expected to have a follow-on effect on the exceptions market, which re-opens this month.

Source: Irish Independent January 05, 2021 15:33 UTC