Mortgage drawdowns increase

Banks gave out €2.5bn in mortgage lending in the first three months of the year.

Almost 28% more mortgage drawdowns took place in quarter one of this year, compared to the same period in 2021.

The average value of mortgages drawn down between January and March of this year, was €18,000 higher than the same time last year.

CEO of the Banking Payments Federation of Ireland, Brian Hayes, says the start of the year has been busy for home loans.

“It’s very clear that there is a significant growth in the mortgage market.

“10,000 mortgage drawdowns happened between January and March of this year.

“In volume terms that’s up significantly, but in value terms it represents €2.5bn of new lending to first time buyers, mortgage purchasers, mortgage movers and switchers.”

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