Switching drives growth in mortgage drawdowns

First-time buyers accounted for 61.4% of the total value of all mortgage drawdowns

Between July and the end of September, 11,774 mortgages were drawn down. 

Mortgage switching activity received a bump during the third quarter as the number of drawdowns by first-time buyers remained flat compared to the same period last year, new data from the Banking and Payments Federation Ireland shows.

The figures show that between July and September, 11,774 mortgages were drawn down — a slight increase from 11,614 last year. First-time buyers accounted for 7,041 of these mortgages, an increase of 30 year-on-year.