Approvals rose 18.6% in the month, supported by revival in loan-switching activity as some homeowners reach end of fixed-rate periods
Mortgage approval figures for July"run counter to the activity we’d seen in previous months", said Davy analyst Diarmaid Sheridan. Photograph: iStock
“The mortgage approval figures for July were very strong and run counter to the activity we’d seen in previous months, when there was a flatlining-to-declining trend,” said Diarmaid Sheridan, an analyst with Davy. “First-time buyers’ approval volumes and values reached their highest levels since the series began in 2014, up 12.8 per cent and 21 per cent, respectively, with values topping €1 billion for the first time in a one-month period,” said BPFI chief executive Brian Hayes.
The Government’s Help to Buy plan helps first-time buyers build up the deposit required under Central Bank rules to secure a loan by allowing borrowers claim refunds on income and deposit interest retention tax paid in the State over the four years before a loan is taken out.
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