Banks turn down 40% of mortgage applications

Nearly four in 10 mortgage applications are being turned down by the banks, according to official figures.

Figures from the Department of Finance show there were 28,500 mortgage applications to Irish banks last year, but only 17,740 were approved by the banks — AIB, Bank of Ireland, EBS, and Permanent TSB.

The overall figure is higher as these figures do not include applications and approvals made to and by the EBS.