Entries by Dunne

Surge in mortgage approvals looks set to fuel house price increases

The number of people approved for a mortgage surged by a third last month, driven largely by first-time buyers. Potential buyers are getting approved for higher amounts of borrowings, according to the figures from the Banking and Payments Federation. The figures imply property prices will keep rising. A total of 4,124 want-to-be buyers got approval […]

53 ‘Help to Buy’ Applications Everyday

Figures from the Revenue Commissioners show that a total of 4,698 applications have been made under the Help-to-Buy incentive since it opened on January 1. This equates to almost 53 a day. Of these, just over half (2,380) have been approved. The remaining 2,318 are being processed. Applicants who decide to buy a property then […]

Mortgage lending at 7-year high.

Lending for house purchases rose by a net €27m in the last three months of last year. It was the first net increase in mortgage lending since the end of 2009. Most new borrowers are opting for a fixed-rate mortgage. Fixed-rate loans for homes recorded a net increase of €657m. In contrast, variable rate loans […]

Mortgage lending hits a 6 year high

Mortgage lending has hit a 6 year high as €5.6bn was drawn down by 30,000 people. In the last three months of 2016, more than 9,000 mortgages were drawn down. This is the highest number since 2010. Economists are now expecting a “bumper” level of mortgage activity this year because of the easing of Central […]

First-time buyers borrowing an average of over €200k

Surging house prices mean first-time buyers are back borrowing amounts last seen during the disastrous property boom. The average mortgage amount approved for first-time buyers has gone above €200,000 to reach €201,928. In October last year the average was €192,928. This is the first time the average approval amount for new buyers has hit this […]

Interest rates here almost twice EU average.

The average interest rate on new mortgages here remains almost twice what it is in the Eurozone. The rate stood at 3.38pc in November. Although this has fallen over the past 12 months, it is much higher than the euro area rate of 1.72pc, according to data from the Central Bank. New variable rate mortgages, […]

First-time buyers rush for rebate

More than 800 applications have been made for the new Help-to-Buy scheme for first-time buyers (FTBs). Go To Comments Interest has remained high since it opened earlier this month, with some 828 FTBs filling out online application forms over the week in the expectation of securing a lucrative tax rebate. The scheme allows for a […]

Good news for mortgage holders: ECB rate hike ‘years off’

There is unlikely to be a rise in European Central Bank interest rates for the coming years, a development that will be a huge boost to thousands of mortgage holders. Trackers are pegged to the ECB lending rate, and cannot be increased unless the ECB raises its main rate. It could be three to four […]

All you need to know about the rule change for first-time buyers

The Central Bank has made a dramatic change to its mortgage lending rules for first-time buyers. Go To Comments However, there are also fears that the loosening of the lending limits will lead to even higher property price rises. First-time buyers will now be able to borrow with a deposit of 10pc, if they meet […]