It may be the subject du jour at would-be homebuyers’ dinner parties, but it seems the Central Bank’s mortgage policy hasn’t quite stirred the masses as much as might have been expected.

The rules have undeniably been controversial, limiting as they do the amount first-time buyers and trader-uppers can borrow to fund a proposed property purchase.

In the case of first-timers, no more than 90 per cent of a purchase price can be borrowed to buy a property valued at less than €220,000. For those trading up, no more than 80 per cent can be borrowed, while neither group can expect to be lent more than 3.5 times their income.

The popular narrative is that the restrictions have dampened activity in the home-buying market – a good or a bad thing, depending on where your personal interests lie – by making it harder to get into a position where a deal can be agreed. The consequence of this is seen as increased pressure on the rental market, a theory which seems to be borne out by figures such as those released by Daft.ie this week, showing that monthly rents in the Republic are now higher than they have ever been.

One would think then, that there is fertile ground for a review of the rules, such as the one launched by the Central Bank itself in June.

Impact and effectiveness

Or maybe not. Despite all the brouhaha, just 16 parties have so far felt sufficiently moved to respond to the bank’s call for comment on the “impact and effectiveness” of its mortgage policy. Of these, 11 came from individuals, with the remainder submitted by institutions.

It is, admittedly, summer – a period where those buying houses and securing mortgages tend to take a breather and replying to Central Bank reviews might not be at the top of people’s minds. But all the same. For context, the 16 parties that contacted the Central Bank this time compares with the 157 who got in touch during the consultation that preceded the introduction of the rules in 2015. On that occasion, 110 submissions came from individuals.

The outcome of the review is due in November, with the Central Bank already having prepared the market for the possibility that it will not result in change. It is also the case, however, that the consultation could be followed by tweaks or shifts designed to make things run more smoothly, in which case those who did not make contact with the regulator may come to regret their summer lethargy.

The consultation remains open at centralbank.ie for one more week.