Mortgage approvals soar as first-time buyers seek to beat restrictions

Mortgage approvals have jumped 42 per cent as first-time buyers seek to get on the property ladder ahead of the introduction of new lending restrictions. A total of 23,796 mortgage approvals have been recorded for the year to the end of November, according to figures compiled by the Banking and Payments Federation Ireland (BPFI). It said the value of mortgage approvals for the first 11 months of 2014 was €4.2 billion.

Read more here from this Irish Times article here – http://www.irishtimes.com/business/financial-services/mortage-approvals-soar-as-buyers-seek-to-beat-restrictions-1.2043799

Commenting on this piece, Michael of MC Financial says:

“According to the latest figures from the Banking and Payments Federation Ireland, it appears that many First Time Buyers have rushed to avoid the new Central Bank lending rules, that were due to come into effect on January 1st. It is now thought that these new rules will not be in force as early as January, so if you are a first-time buyer and want to get started on a mortgage application, there is still time to get mortgage approval and avoid the proposed restrictions. “

So if you are a first time buyer, who is a little unsure about how to get started on your path to purchase why not get in touch with Michael either on 01 822 8022 or 087 932 1882 or by email at michael@mcfinancial.ie