Mortgage switching volumes more than double

Continued growth in mortgage approvals in May

Re-mortgaging or switching providers in May grew by 111.5% in volume terms compared to May 2021.

Mortgage switching activity has risen sharply in recent months, according to new figures from the banking industry.

Re-mortgaging or switching providers in May grew by 111.5% in volume terms compared to May 2021. 

According to the Banking & Payments Federation Ireland (BPFI), a total of 5,355 mortgages were approved last month. 

First-time buyers (FTBs) were approved for 2,640 mortgages (49.3% of total volume) while mover purchasers accounted for 1,082 (20.2%).

The number of mortgages approved rose by 24.4% month-on-month and by 14.3% compared with the same period last year.

"It’s clear that switching activity has grown sharply in recent months," BPFI chief executive Brian Hayes said. 

"During the month of May, switching volumes and values more than doubled in year-on-year terms, with switching levels at their highest ever recorded since BPFI began collecting this data in 2011.

“First-time buyers still accounted for about half of mortgage approvals both in volume and value terms — these latest figures are notably dominated by mortgage switching activity and May was one of the strongest performances recorded for FTB approvals. 

This is particularly true for approval values, with a significant increase in average loan values year on year driving strong growth in lending values. This is likely driven by higher housing prices."