Rising house prices make borrowers more prudent, report shows

Some of the figures in the BPFI report did not show the full impact of ECB monetary policy over the last year on rates paid by new borrowers

The BPFI's latest Mortgage Market Profile Report found the mortgage market to be a difficult environment for some home buyers last year, prior to European Central Bank interest rate hikes.

Borrowers have become more prudent when it comes to house purchases as property prices continue to climb, according to a new report by a banking representative body.

The latest Mortgage Market Profile Report by the Banking and Payments Federation Ireland (BPFI) found the mortgage market to be a difficult environment for some home buyers last year, prior to European Central Bank (ECB) interest rate hikes, which has led to a rise in borrowers using increased equity when getting a mortgage to try and minimise borrowing costs.