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Mortgage drawdowns up by 8.8% in second quarter

Mortgage drawdowns up by 8.8% in second quarter

A total of 10,157 new mortgages to the value of €2.25 billion were drawn down by borrowers in the second quarter of the year.

This is according to the latest figures from Banking & Payments Federation Ireland.

The figures marked an increase of 8.8% in volume terms and 11.5% in value over the same period last year.

The BPFI said that first time buyers accounted for around half of that activity and they remain the single largest segment by volume (49.6%) and by value (50.5%).

Today’s figures also show that a total of 4,478 mortgages were approved in June 2019.

2,235 of these were for FTBs – 52.1% of total volume – while mover purchasers accounted for 27.5%.

The number of mortgages approved rose by 4.8% in June compared to the same month last year, but they fell by 9.1% compared to the previous month.

The BPFI said that mortgages approved in June were valued at €1.032 billion, up 7.3% on an annual basis and down by 9.2% on a monthly basis.

BPFI’s Director Public Affairs Felix O’Regan said the number and value of mortgages actually drawn down by borrowers during the second quarter of 2019 show good growth on corresponding 2018 activity.

He also said the growth in mortgage switching over the last 12 months supports BPFI’s assessment showing activity in this area returning to a level last seen in 2008.

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