Average monthly mortgage repayments down by 43%

AVERAGE mortgage repayments for a first-time buyer have fallen €513 or 43% a month since July last year.

Figures from The Mortgage Finance Company also show the equivalent drop in Dublin is €643 per month or 41%, based on a €218,000 mortgage.

Mortgage interest rates, which directly impact affordability for new buyers, have reduced significantly in the past 12 months.