Financial experts warning hopeful homeowners that the Central Bank is unlikely to relax its mortgage rules

A review of the rules is due to be carried out this summer

Financial experts are warning hopeful homeowners that the Central Bank is unlikely to relax its mortgage rules when a review is carried out this summer.

The new Governor of the Central Bank says a review will be conducted this summer, but has warned that the rules could be tightened or relaxed.

Under the rules introduced a year ago, borrowers can only get 3.5 times their salary and must save for a 10 to 20 percent deposit on the property.

Philip Lane has told The Irish Times that the regulations - which require a 10% deposit from first-time buyers - will be reviewed when a full year of data is available.

“The rules, I think, could be adjusted upwards or downwards. It’s not the case that the Central Bank picked the most severe rules. Those rules can be adjusted, recalibrated, but it’s not the case that we’d expected to see every quarter,” he told the newspaper.

Speaking on the Last Word, personal finance editor with the Irish independent Charlie Weston says Governor Philip Lane is unlikely to change those rules significantly.