Q3 Mortgage Drawdowns Rise by 40.9% – BPFI

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.In comparison to last year, new figures show that Q3 Mortgage Drawdowns Rise by 40.9% – BPFI

New Mortgages

Banking & Payments Federation Ireland (BPFI) said a total of 11,479 new mortgages, worth €2.784 billion, were drawn down by borrowers during the third quarter of 2021- a 42.3% increase in value terms on the third quarter of 2020.

First-time buyers remained the single largest segment by volume and by value (52.8%) in the three month period from July to September.

Self-builds and new properties accounted for 26.6% of mortgages in the third quarter of 2021, down from 37.6% the same time last year.

BPFI also today published figures for September which show that a total of 4,769 mortgages were approved in September – a 4.3% monthly increase and a 3.2% year-on-year increase.

Mortgages approved in September 2021 were valued at €1.205 billion. First time buyers accounted for €668m (55.4%) of these mortgages, while €336m were drawn down by mover purchasers (27.9%).

Switcher Mortgage

Switching activity grew in September, with volumes up by 36.6% year on year and almost 7,000 switcher mortgages approved in the 12 months ending September – the highest annualised level on record.

The average mortgage for a house purchase was €254,000 in the third quarter of 2021, up 1.8% on the year.

If you have any mortgage queries contact YoMo today.

Source @RTE

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