Advertisement

Readers like you keep news free for everyone.

More than 5,000 readers have already pitched in to keep free access to The Journal.

For the price of one cup of coffee each week you can help keep paywalls away.

Support us today
Not now
Friday 29 September 2023 Dublin: 16°C
# property ladder
First-time buyers made up most of the 12,000 mortgages drawn down in last quarter of 2019
The 12,259 mortgages are valued at €2.7 billion.

shutterstock_1577767708 Shutterstock / Michael Dechev File photo Shutterstock / Michael Dechev / Michael Dechev

MORE THAN 12,000 new mortgages, valued at €2.7 billion, were drawn down by borrowers during the fourth quarter of 2019, according to a new report.

Just over half of these (52%) related to first-time buyers, according to figures released by Banking & Payments Federation Ireland (BPFI) today.

image001 BPFI BPFI

There were more than 49,000 mortgage approvals in Ireland overall in 2019, valued at €11 billion, the report states.

2019 BPFI BPFI

There were 12,259 mortgage drawdowns in the last three months of 2019, valued at €2.768 billion. 

This represents an increase of 1.2% in volume and 5% in value on the last three months of 2018. It also represents an increase of 3.9% in volume and 4.9% in value compared with the previous quarter in 2019.

A mortgage drawdown occurs when a customer draws down some or all of an approved mortgage to buy or build a residential property.

q4 BPFI BPFI

There were 9,941 purchase mortgage drawdowns, valued at €2.3 billion in the final quarter of 2019.

Purchase mortgage drawdown activity rose in volume by 3.4% year-on-year and increased in value by 7.6% over the same period, according to the report.

First-time buyer (FTB) mortgage drawdown volume increased by 11% year-on-year to 6,386, while mover-purchase drawdown volume decreased by 8% year-on-year to 3,187.

Residential investment letting (RIL) mortgage drawdown volume decreased by 7.8% year-on-year to 368.

Re-mortgage/switching mortgage drawdown volume fell by 12.5% year-on-year to 1,473, while the number of top-up drawdowns rose by 3.7% year-on-year to 845.

FTB mortgage drawdown values increased by 15.8% year-on-year to €1.4 billion, while the value of mover-purchase drawdowns decreased by 3.4% year-on-year to €813 million.

RIL mortgage drawdown values decreased by 8.9% year-on-year to €55 million, the report notes.

The value of re-mortgage/switching mortgage drawdown fell by 10.3% year-on-year to €357 million, while the value of top-up drawdowns rose by 11.0% year-on-year to €79 million.

Your Voice
Readers Comments
7
This is YOUR comments community. Stay civil, stay constructive, stay on topic. Please familiarise yourself with our comments policy here before taking part.
Leave a Comment
    Submit a report
    Please help us understand how this comment violates our community guidelines.
    Thank you for the feedback
    Your feedback has been sent to our team for review.

    Leave a commentcancel