Thursday 25 May 2017

Increase in numbers approved for home loans

There has been a rise in the numbers approved for a mortgage
There has been a rise in the numbers approved for a mortgage
Charlie Weston

Charlie Weston

THERE has been a rise in the numbers approved for a mortgage.

Almost 2,300 people were approved for a mortgage in February. More than 2,000 of these were for house purchases, the Banking and Payments Federation said.

Some €483m was approved for mortgages, but not all of this money will be drawn down as many of those with mortgage approval will be unable to buy. This was up 74pc on the figure for February 2014.

Experts said it was too early to say if Central Bank lending restrictions were impacting on the mortgage market, as mortgage approvals remain in place for around six months.

Many of those buying now got approved under the older rules on mortgage deposits.

It comes as house prices are continuing to rise, but at a slower pace.

And prices are expected to keep increasing over the next few months, according to an analysis of the latest survey results from MyHome.ie. Asking prices rose by 2.2pc in the first three months of the year.

Irish Independent

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