First-time buyer mortgages hit record high in first half of the year — BPFI

21,232 mortgages were drawn down in Ireland in first six months of 2026, with a total value of €6.78bn — up 5.1% in volume and 9.6% in value year-on-year

Chief executive of the BPFI Brian Hayes. 

The value of first-time mortgage drawdowns rose by 10.5% during the first six months of the year to €4.1bn — the highest level for this time of the year on record — as the average mortgage size for this cohort hit €326,000.

According to the Banking and Payments Federation, Ireland (BPFI), 21,232 mortgages were drawn down between January and June this year with a total value of €6.78bn — up 5.1% in volume and 9.6% in value year-on-year. This means the average mortgage size during the first half of the year stood at just under €320,000 — a 4.2% increase compared to the same period in 2025.

First-time buyers represented 59% of all mortgage drawdowns during this time.

There were 12,567 first-time mortgages drawn down in the first half of the year with a total value of €4.1bn. This results in an average mortgage size of around €326,000 — an increase of around 3.6% year-on-year.

According to the BPFI, the combined value of first-time buyer mortgages is the highest level for this period of the year since this data series began in 2003. There were 3,780 mover-purchaser mortgages drawn down with a combined value of €1.49bn. The average mortgage size stood at just over €393,000 — up 5.3% or almost €20,000.

Remortgaging and switching

Remortgage and switching activity was strong during this period as well with 2,917 drawdowns worth a total €891m while there were 1,662 top-up mortgages drawn down worth €240m.

BPFI chief executive Brian Hayes said new properties, including self-builds, accounted for 38.6% of home purchase mortgage drawdowns during the second quarter of this year.

“In fact, home mortgage drawdowns on new properties reached the highest second quarter levels since 2008, up 10.2% in volume and 14.9% in value year-on-year," he said. 

This increase was driven mainly by FTB mortgages on new properties. 

“There were 5,499 home mortgage drawdowns on secondhand properties, valued at over €1.8bn in the second quarter.”

The BPFI also released data showing there were 5,631 mortgages approved in June — an increase of 15.3% year-on-year. Those mortgages held a combined value of €1.86bn — up 19.7%.

Of these, 3,304 were for first-time buyers, valued at a combined €1.1bn, while mover purchasers accounted for 1,062, valued at €416m.

Read More about #Consumer Affairs