Spike in first-time mortgages reported

Nearly 4,000 people rushed to draw down mortgages in the final three months of last year to take advantage of the Government’s mortgage interest relief.

Figures released by the Irish Banking Federation showed that 3,724 first-time mortgage borrowers drew down loans in the final quarter of last year. First-time mortgage borrowers accounted for more than 60% of mortgages borrowed in the final three months of the year.

IBF chief executive Pat Farrell said the figures from the final quarter showed signs of the beginning of a recovery in the housing market.