First-timers take bigger share of mortgages
Wednesday, 11 November 2009 15:33New figures show that the number of new mortgages given out in the third quarter of this year fell again.
A mortgage market profile - compiled by the Irish Banking Federation and PwC - showed that 12,189 new mortgages worth just over €2 billion were issued in the three months.
The number of mortgages was down 56.4% from the same period last year, and also down almost 4% from the second quarter of this year. The value of the mortgages was more than 62% lower than in the same period last year.
But the figures showed that the number of mortgages issued to first-time buyers - while still well down from a year earlier - rose for the second quarter in a row. First-time buyers now account for almost 30% of the mortgage market.
The survey shows that the value of mortgages for first time buyers is down over 42% in the third quarter of 2009 compared to the same time last year. Mortgages for residential investors, or buy-to-let properties are down a massive 80.5%, while re-mortgages are down 73.7%.
