on the up

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 Bank lending rules and the help-to-buy scheme.

The total number of mortgages taken last year was 29,498.

New buyers and mover-purchasers accounted for 84pc of the total value of mortgages drawn down, with the rest made up mainly of investors.

The level of mortgage switching continues to increase, but it is coming off a very low base.