Slowdown in mortgage lending for first time in seven years as level of switching drops sharply

Many people recently locked in fixed interest rates in response to a recent surge in borrowing costs

Brian Hayes, the BPFI chief executive, said despite the slowdown in February “mortgage activity remains at historically high levels”. Picture: Fergal Phillips

There was a significant slowdown in mortgage approvals in February, according to new figures from the Banking and Payments Federation Ireland (BPFI).

This was the first time there was a monthly fall in mortgage approval levels since 2016. The drop seven years ago was prompted by the introduction of new Central Bank rules which tightened up rules around mortgage lending.

A total of 3,378 mortgages were approved in February 2023 – a drop of 8.6% ...