Mortgage debt now close to €86bn

MORTGAGE borrowing surged by €1.9 billion in August - the second-highest monthly level on record, the Central Bank said yesterday.

The bank’s latest monthly figures showed the total level of mortgage debt is now close to €86bn, an increase of €19bn in the last 12 months alone.

The annual growth rate in residential mortgages picked up and rose from 25.3% to 25.7% during the month.