Danger that mortgages are becoming accessible only to the rich

Lending expert have issued a warning about the Central Bank's new deposit rules

Danger that mortgages are becoming accessible only to the rich

Photocall file photo

Mortgage experts are warning that young couples with children are being left out of the housing market because of the Central Bank's deposit rules.

The Association of Expert Mortgage Advisers says the first time buyer market in Dublin will be dominated by the adult children of rich parents if the rules are not changed.

The Irish Independent reports that mortgage approvals were down 10% in October, compared to the same month last year.

However the Central Bank says the rules introduced earlier this year are having a positive cooling effect on the market, taking the "froth" off property prices.