NEW BORROWING criteria could be good news for buyers. In the past year it’s been tough going for would-be borrowers as they tried to jump through the ever-changing hoops put in their way by financial institutions. However, new changes in lending policy criteria announced this week are certainly a sign that borrowers deserve a break.

Bank of Ireland announced it is dropping its minimum loan requirement. This was a leftover of the heady days of Celtic Tiger lending when big loans were the order of the day.

The rule had resulted in some consumers being denied a mortgage when they secured a great deal on a property but resulted in a mortgage amount less than the bank’s lower threshold.

Haven, affiliated with EBS, recently announced that it was increasing the crucial loan-to-value ceilings for first-time buyers, from 80 per cent to 85 per cent. It has also increased refinance mortgages from 70 per cent to 80 per cent. These are important and welcome changes.

ICS has announced a reduction to the cost of its two-year fixed rate mortgage to non-first-time buyers.

Home Choice, the government lender, announced that it is expanding its loan criteria to include second-hand properties, a big improvement on previous criteria.

After a year of inaction, the latest moves offer some glimmer of hope that the frozen river of decision making is finally beginning a modest thaw.