Mortgage epidemic - State should heed warning of downturn

PROOF, if it were needed, that the country is going through an epidemic of borrowing is highlighted in a report showing that some 206,000 new mortgages are being taken out every year — a staggering 800 a day.

In cash terms, the total value of mortgage loans up to June came to a whopping €18.56 billion with over e10bn of new lending in the second quarter of 2006.

Little wonder the Exchequer coffers are awash with money and solicitors are laughing all the way to the bank.