Housing Finance Policy

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A. Legal and Regulatory Framework

A.1 Legal and Regulatory Framework
VariableEnd of 2018End of 2017End of 2016SourcesVar ID
Basis of the legal system: Civil, Common, Islamic, Other? (Describe)Common and customary lawCommon and customary lawCommon and customary law
CIA Factbook
A.1.1
Are there specific laws that deal with mortgages? YesYesYes
Irish Statute Book
A.1.2
Registration/Transfer of titles:A.1.3
Does the law clearly define different types of property rights?YesYesYes
Office of the Revenue Commissioners
A.1.3.1
 Are property rights easily transferable?YesYesYes
Office of the Revenue Commissioners
A.1.3.2
Typical number of days needed for the transfer of title31.531.531.5
WDI
A.1.3.4
Are there legal constraints on mortgage features?Yes  
Central Bank of Ireland
A.1.6
Loan-to-Value capYes  
Central Bank of Ireland
A.1.6.2
OtherYes  
Loan to Income Ratio (LTI) on owner-occupier mortgages cannot be more than 3.5 times the borrower's gross income
A.1.6.4
Are there consumer rights for mortgage lending? YesYesYesA.1.7
Is there specialized legislation covering:A.1.9
B. Housing Finance Subsidies
B.1 Subsidies to Housing Finance Institutions
B.2 Subsidies to Households
VariableEnd of 2018End of 2017End of 2016SourcesVar ID
Are there subsidies to households on housing finance?YesYesYesB.2.1
Interest rate subsidies by special government fundsYes  
Citizens Information
B.2.1.1
Buy-down of monthly/interest paymentsYesYesYesB.2.1.2
Mortgage interest deductibility from income taxYes  
Citizens Information
B.2.1.5
Reach of subsidies in 2.1.1 to 2.1.4 ?B.2.2
C. Taxation
VariableEnd of 2018End of 2017End of 2016SourcesVar ID
What taxes apply to Residential Real Estate?C.1
Tax on property (home-owners) YesYesYes
Citizens Information
C.1.1
Property transaction taxes (purchase/selling)YesYesYes
Deloitte
C.1.2
Tax on capital gains on property YesYesYes
Office of the Revenue Commissioners
C.1.5
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Notes: The Mortgage Allowance Scheme provides a subsidy for those making the transition from social housing to paying a mortgage. The allowance amounts to €11,450 and is paid monthly by the Department of the Environment to the lending agency over five years.
Notes:
Notes:
Notes:
Notes:
Notes: "If you got a mortgage for your affordable home from the local authority and your gross household income was less than 28000 Euros, you would be entitled to a subsidy of between 1050 and 2550 Euros per year, paid directly to the local authority."
Notes: 0.18% for properties valued under EUR 1 million and 0.25% on the amount of the value over EUR 1 million
Notes: 0.18% for properties valued under EUR 1 million and 0.25% on the amount of the value over EUR 1 million
Notes: 0.18% on the first 1,000,000 Euro and 0.25% after on the value of home
Notes: 0.18% on the first 1,000,000 Euro and 0.25% after on the value of home
Notes: 15% of new lending allowed above the LTV limit
Notes: 15% of new lending allowed above the LTV limit
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 90% LTV limit for first time buyers
Notes: 90% up to a value of 220,000 Euros. 15% of new lending above the LTV limit is allowed
Notes: A Credit Guarantee System was introduced in 2012, aimed for small and medium enterprises. However, activities that involve a financial service to clients, such as a company granting mortgages, are excluded from the scope of the scheme.
Notes: A Credit Guarantee System was introduced in 2012, aimed for small and medium enterprises. However, activities that involve a financial service to clients, such as a company granting mortgages, are excluded from the scope of the scheme.
Notes: A Credit Guarantee System was introduced in 2012, aimed for small and medium enterprises. However, activities that involve a financial service to clients, such as a company granting mortgages, are excluded from the scope of the scheme.
Notes: A Credit Guarantee System was introduced in 2012, aimed for small and medium enterprises. However, activities that involve a financial service to clients, such as a company granting mortgages, are excluded from the scope of the scheme.
Notes: A Credit Guarantee System was introduced in 2012, aimed for small and medium enterprises. However, activities that involve a financial service to clients, such as a company granting mortgages, are excluded from the scope of the scheme.
Notes: A Credit Guarantee System was introduced in 2012, aimed for small and medium enterprises. However, activities that involve a financial service to clients, such as a company granting mortgages, are excluded from the scope of the scheme.
Notes: A Credit Guarantee System was introduced in 2012, aimed for small and medium enterprises. However, activities that involve a financial service to clients, such as a company granting mortgages, are excluded from the scope of the scheme.
Notes: Capital gains are taxed at a rate of 33%
Notes: Capital gains are taxed at a rate of 33%
Notes: Capital gains are taxed at a rate of 33%
Notes: Capital gains are taxed at a rate of 33%
Notes: Capital gains are taxed at a rate of 33%
Notes: Capital gains are taxed at a rate of 33%
Notes: Capital gains are taxed at a rate of 33%
Notes: High GDP growth rate due to large multinational corporations moving their production/sales activity to Ireland because of Ireland's low corporate tax rates
Notes: Household savings
Notes: Household savings
Notes: In Jan 2015, the Central Bank announced new regulations that are to be "complementary to the banking regulations. They are not intended to replace lenders' own credit underwriting policies and procedures."
Notes: In Jan 2015, the Central Bank announced new regulations that are to be "complementary to the banking regulations. They are not intended to replace lenders' own credit underwriting policies and procedures."
Notes: Mortgage lenders are bound by two statutory codes of conduct. These are the Central Bank's Code of Conduct on Mortgage Arrears (2013) and Consumer Protection Code (2012).
Notes: Mortgage lenders are bound by two statutory codes of conduct. These are the Central Bank's Code of Conduct on Mortgage Arrears (2013) and Consumer Protection Code (2012).
Notes: Mortgage lenders are bound by two statutory codes of conduct. These are the Central Bank's Code of Conduct on Mortgage Arrears (2013) and the Consumer Protection Code (2012).
Notes: Mortgage lenders are bound by two statutory codes of conduct. These are the Central Bank's Code of Conduct on Mortgage Arrears (2013) and the Consumer Protection Code (2012).
Notes: Mortgage lenders are bound by two statutory codes of conduct. These are the Central Bank's Code of Conduct on Mortgage Arrears (2013) and the Consumer Protection Code (2012).
Notes: Mortgage lenders are bound by two statutory codes of conduct. These are the Central Bank's Code of Conduct on Mortgage Arrears (2013) and the Consumer Protection Code (2012).
Notes: National figure, includes non-urban areas
Notes: National figure, includes non-urban areas
Notes: National figure, includes non-urban areas
Notes: National figure, includes non-urban areas
Notes: National figure, includes non-urban areas
Notes: National figure, includes non-urban areas
Notes: National figure, includes non-urban areas
Notes: National figure, includes non-urban areas
Notes: National figure, includes non-urban areas
Notes: Percentage change over 12 months for Residential Property Price Index
Notes: The Help to Buy incentive applies to first-time buyers of newly built homes costing €500,000 or less. The incentive scheme gives a refund of income tax and Deposit Interest Retention Tax (DIRT) paid in Ireland over the previous 4 tax years.
Notes: The ICB was formed in 1965.
Notes: The ICB was formed in 1965.
Notes: The ICB was formed in 1965.
Notes: The ICB was formed in 1965.
Notes: The ICB was formed in 1965.
Notes: The ICB was formed in 1965.
Notes: The ICB was formed in 1965.
Notes: The ICB was formed in 1965.
Notes: The ICB was formed in 1965.
Notes: The ICB was formed in 1965.
Notes: The ICB was formed in 1965.
Notes: The ICB was formed in 1965.
Notes: The ICB was formed in 1965.
Notes: The ICB was formed in 1965.
Notes: The ICB was formed in 1965.
Notes: The ICB was formed in 1965.
Notes: The ICB was formed in 1965.
Notes: The ICB was formed in 1965.
Notes: The ICB was formed in 1965.
Notes: The ICB was formed in 1965.
Notes: The ICB was formed in 1965.
Notes: The ICB was formed in 1965.
Notes: The ICB was formed in 1965.
Notes: The ICB was formed in 1965.
Notes: The ICB was formed in 1965.
Notes: The ICB was formed in 1965.
Notes: The ICB was formed in 1965.
Notes: The ICB was formed in 1965.
Notes: The ICB was formed in 1965.
Notes: The Mortgage Allowance Scheme provides a subsidy for those making the transition from social housing to paying a mortgage. The allowance amounts to €11,450 and is paid monthly by the Department of the Environment to the lending agency over five years.
Notes: The Mortgage Allowance Scheme provides a subsidy for those making the transition from social housing to paying a mortgage. The allowance amounts to €11,450 and is paid monthly by the Department of the Environment to the lending agency over five years.
Notes: The Rebuilding Ireland Home Loan (introduced in Feb. 2018) is a government-backed mortgage for first-time buyers. Loans are offered at reduced interest rates and one can use them to buy new and second-hand properties, or to build a home. The rates are fixed for the full term of the mortgage.
Notes: There is a stamp duty tax of 1% on residential properties on up to EUR 1 million. Any amount over that is taxed at a rate of 2%.
Notes: There is a stamp duty tax of 1% on residential properties on up to EUR 1 million. Any amount over that is taxed at a rate of 2%.
Notes: There is a stamp duty tax of 1% on residential properties on up to EUR 1 million. Any amount over that is taxed at a rate of 2%.
Notes: There is a stamp duty tax of 1% on residential properties on up to EUR 1 million. Any amount over that is taxed at a rate of 2%.
Notes: There is a stamp duty tax of 1% on residential properties on up to EUR 1 million. Any amount over that is taxed at a rate of 2%.
Notes: Valuation fee