Industry lobby group Property Industry Ireland (PII) released a report recently which showed that at the end of September 2015, first-time buyers in Ireland typically had a mortgage of around €172,000.
Recent figures released regarding the state of the Irish mortgage market have revealed that many homeowners are missing out on the opportunity to make big savings on their monthly mortgage payment, partly because they are reluctant to switch to a new provider and partly due to problems within the mortgage industry itself.
According to statistics released this week by the Central Bank, both personal loans and home loans have fallen year on year in February.
Today the Central Bank announced new regulations in the Irish residential mortgage market.
The Irish Central Bank’s quarterly Bank Lending Survey has shown an increase in demand for home loans in Ireland.
AIB has announced they are currently approving 7 in 10 new mortgage loan applications.
Following intense pressure from both The Central Bank and the Government, the banking sector in Ireland is finally putting strategies in place to deal with the thousands of customers who are in severe difficulties with their mortgage repayments.
Figures this week show Dublin householders are leaving council properties in droves. With more and more borrowers struggling to meet council mortgages and choosing instead to make interest-only repayments, 41 more householders are handing back their keys to the Council.
Holders of tracker mortgages were advised to consider overpaying their mortgages after the European Central Bank lowered it’s key interest rate on Thursday. The reduction could see an extra €15 per month in the pockets of mortgage holders for every €100,000 outstanding on their mortgages.