Lending levels slip to state not seen since early 1970s

THE number of mortgages given out by banks this year is expected to fall to levels last seen in 1971.

The Irish Mortgage Corporation said figures indicate as few as 11,000 mortgages could be granted this year for residential properties.

A survey by the Professional Insurance Brokers Association (PIBA) found that more than 42% of brokers say that between 60% and 80% of mortgage applications were declined by lenders in the first three months of this year.