Saturday 25 January 2020

Number of mortgage approvals jumps in October, says banking group

Charlie Weston
Personal Finance Editor

THERE was a jump in the number of new mortgages approved for house and apartment buying last month.

A total of 1,677 people got letters from their banks in October telling them they have been offered a mortgage, the Irish Banking Federation said today.

This is 10pc higher than the number of home loans approved in September this year, the banking lobby said after launching a new survey of mortgage approvals.

Of these approvals, 1,565 were for house purchase and 112 were top-ups or re-mortgages.

This is the highest level of approvals since January 2011, the start date for the approvals series.

The new data series tracks mortgage approvals from nine major lenders - Bank of Ireland, Allied Irish Banks, EBS, KBC, Permanent TSB, Ulster Bank, Danske Bank, Haven Mortgages and ICS Building Society.

These lenders account for most of the market.

Today’s information comes after recent figures showed a rise in actual mortgage drawdowns for July, August and September.

Analysts said the new information on mortgage approvals was encouraging, but lending remains subdued.

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