News | Latest Breaking News Stories & Headlines

The lender also announced changes to its public sector worker mortgage product

ICS Mortgages loosens LTV limit for first-time buyers

ICS Mortgages has made a number of changes to its owner-occupier offering as it bids to ramp up lending again.

Business • 31 Jan 24

The new lower rates will apply to drawdowns taking place on or after Thursday 22nd February

Finance Ireland cuts some fixed mortgage rates by 0.45%

Non-bank lender Finance Ireland is reducing the interest rates it charges for three and five-year fixed rate mortgages.

Business • 30 Jan 24

Christopher Lloyd and Michael J Fox in the 1985 movie, Back to the Future

Back to the future - mortgage market stuck in the 80s

First time buyers took out mortgages last year at the highest level since 2007 last year, according to the Banking & Payments Federation. But the overall mortgage lending figures for house purchase are stuck at 1988 levels - despite vast population and wealth growth in the meantime.

Analysis and Comment • 28 Jan 24

Activity in 2023 was driven by strong demand from first-time buyers with volumes and values among that cohort reaching their highest level since 2007

Mortgage drawdowns decline but first time buyers active

Overall mortgage drawdown volumes declined in 2023, new figures from Banking and Payments Federation Ireland show, but the reduction was driven largely by a falloff in switching and remortgaging activity.

Business • 26 Jan 24

The average mortgate interest rate fell from 4.27% in October, to 4.25% in November, new Central Bank figures show today

Average interest rate on new mortgage falls slightly

The average interest rate on a new mortgage in Ireland fell slightly again in November, new figures from the Central Bank show.

Business • 10 Jan 24

Overall, there has been a slowdown in mortgage approval activity, driven by this drop off in switching.

Drop off in switching drives mortgage approvals lower

Mortgage switching activity dropped 75% last November when compared to the same time the previous year, new figures show.

Business • 09 Jan 24

Avant Money has announced a simplified mortgage switching process and switching incentive for customers

Avant Money to make mortgage switching process easier

Mortgage provider Avant Money has today announced a simplified mortgage switching process and switching incentive for customers.

Business • 20 Dec 23

The number of mortgages on private homes that were in short term arrears of less than 90 days rose 3% in the third quarter of this year compared to the second

Short term mortgage arrears up 3% in third quarter

The number of mortgages on private homes that were in short term arrears of less than 90 days rose 3% between July and September compared to the previous quarter.

Business • 14 Dec 23

New CSO figures show that the 20% of households with the lowest incomes saw the biggest impact on their earnings from rising mortgage repayments during the first half of 2023

Low income households see big hit from mortgage rises

The 20% of households with the lowest incomes saw the biggest impact on their earnings from rising mortgage repayments during the first half of the year, the Central Statistics Office has found.

Business • 12 Dec 23

The bank has also bucked market trends by announcing a cut of 0.4% in its four-year fixed term mortgage product.

PTSB hiking its standard variable rate for mortgages

PTSB has announced it is hiking its standard variable rate for mortgages by 0.4% to 4.7%.

Business • 30 Nov 23

53% of mortgages entering arrears of between one and three months since the first half of 2022 were trackers.

Most mortgages entering arrears are trackers

New research by the Central Bank shows the majority of mortgage accounts going into default of up to three months in the past year have been trackers.

Business • 23 Nov 23

Green mortgages, where offered by financial institutions, have risen from 10% of mortgage loans in the first quarter of 2020 to 35% in the second quarter of this year.

'Green' loans account for 7.7% of outstanding mortgages

So-called 'green mortgages' or discounted rates for loans on homes with higher Building Energy Ratings (BER's) account for 7.7% of outstanding mortgages, but an increasing share of new mortgages.

Business • 20 Nov 23

Bawag bought MoCo for a small amount earlier this year

New mortgage provider MoCo launches in Irish market

A new mortgage provider has launched in the Irish market.

Business • 17 Nov 23

First-time buyer mortgages hit highest level on record

The latest Banking and Payments Federation Ireland report reveals that first-time buyers are very much dominating the mortgage market, despite headwinds from rising property prices and European Central Bank interest rate increases.

Business • 17 Nov 23

AIB said its total income increased by 70% on the back of the higher interest rate environment in the third quarter

AIB lifts 2023 guidance for third time this year

AIB has today lifted its full year income guidance for the third time this year after a higher interest rate environment contributed to a "very strong" third quarter that it expects to continue in the final three months.

Business • 01 Nov 23

For ten meetings in a row from July of last year, tackling inflation was the ECB's mantra and a hike in interest rates was delivered at each meeting

Where next for interest rates as ECB pauses?

For ten meetings in a row, over a period of little more than a year, the European Central Bank embarked on the most ambitious rate hiking cycle in its existence. This week it opted to take a break. Most analysts speculate that the bank is done hiking rates. And some believe rate cuts are coming.

Business • 29 Oct 23

The fall is drawdowns was driven by an 81% drop in mortgage switching volumes.

Mortgage drawdowns fall 22%, driven by switching slump

Mortgage drawdowns were down almost 22% between July and September when compared to the same period last year.

Business • 27 Oct 23

The average interest rate on a new mortgage here increased from 4.06% in July to 4.10%.

Irish mortgage rates the ninth lowest in Eurozone

Irish mortgage interest rates increased slightly in August, new figures from the Central Bank show.

Business • 12 Oct 23

Revolut plans to offer mortgage products to its 30 million customers around the world for the first time

Revolut set to enter mortgage market

Banking and payments app Revolut has announced plans to offer mortgage products to its 30 million customers around the world for the first time.

Business • 21 Sep 23

Around 100,000 mortgages are currently managed by credit servicing agents on behalf of investment funds

New support measures for mortgage holders

The main Irish bank and non-bank lenders have agreed a new set of criteria designed to provide clear guidance to mortgage holders whose loans are managed by credit servicing on how they could potentially switch their loan to another provider.

Business • 06 Sep 23

The average amount of remediation is €350

Up to 16,000 Ulster Bank customers to receive payments

Up to 16,000 Ulster Bank mortgage customers are in line to receive payments following recalculation errors by the bank.

Business • 01 Sep 23

Finance Minister Michael McGrath warned today the banking industry must engage with customers to prevent them falling into mortgage arrears

Banks must engage with customers to prevent arrears

The Minister for Finance has asked banks and non-bank lenders to demonstrate how they are assisting mortgage borrowers who are experiencing difficulty in making repayments due to rising interest rates.

Business • 31 Aug 23

First-time buyers accounted for 61.5% of the approved mortgages

Mortgage approvals fall in July despite FTB activity

A slowdown in the market meant the number of new mortgages approved in July was down 9.7% on the same month last year and 0.4% on June, despite continued strong first time-buyer activity.

Business • 25 Aug 23

Bank of Ireland said its customer deposits rose by €2.5 billion to €101.7 billion

Bank of Ireland's half year profits hit €1 billion

Bank of Ireland has reported pre-tax profits of €1.025 billion for the six months to the end of June on the back of positive business momentum, higher interest rates and a continued focus on efficiencies.

Business • 31 Jul 23

Dilosk said it saw strong demand from a wide range of investors for its seventh bond sale

Dilosk raises another €200m in latest bond sale

Specialist mortgage lender Dilosk, which trades as ICS Mortgages, raised €200m in its seventh public bond issuance.

Business • 21 Jul 23