There was a huge drop in the number of people switching their mortgages in August compared to the same time last year, new figures show.
The latest report from Banking and Payments Federation Ireland reveals an almost 80% drop in switching and remortgage activity.Overall, there has been a slowdown in mortgage approval activity, driven by this drop off in switching.
First time buyers accounted for over 62% of the approvals, while mover purchasers made up almost 23%."Approvals activity for FTB mortgages usually peaks between May and July so it's not surprising to see approvals fall from the historical highs in May 2023," said Ali Uğur, Chief Economist for BPFI. Mr Uğur said this suggests that the pipeline for home purchase drawdowns remains very strong despite an overall slowdown.
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