Mortgages

First-time buyers fuelling a surge in mortgage approvals – BPFI

Mover purchaser mortgage applications had their lowest February since 2016

Mortgage approvals in February rose 9.8 per cent from the month before, and 6 per cent on an annual basis. Picture: Getty

Sixty per cent of mortgage approvals last month were first-time buyers, according to an industry body.

The Banking and Payments Federation of Ireland (BFPI) said 2,171 of 3,582 loans in February were to people buying their first home.

Overall approvals were up 9.8 per cent month-on-month and rose 6 per cent compared with the same month in 2023. The value of those approvals was 10 per cent higher on a monthly basis, and up 7 ...