Banking & Payments Federation Ireland (BPFI) has today published the latest figures from the BPFI Mortgage Drawdowns Report for Q2 2020 and BPFI Mortgage Approvals Report for June 2020.
The following are the key figures from the Mortgage Drawdowns Report for Q2 2020:
In addition, BPFI also published today the latest figures from the BPFI Mortgage Approvals Report for June 2020. The following are the key elements:
Speaking on the publication of the data, Brian Hayes, Chief Executive, BPFI said: “This latest set of figures shows that mortgage drawdowns have held up relatively well in the second quarter of this year despite the overall downward trend and scale of disruption to the economy. In the current volatile environment, we do not expect the market to follow the normal seasonal patterns so the rest of the year will be difficult to predict. However, it is likely we may see a bigger Covid-19 impact in our next set of quarterly drawdown figures due to the time lag between mortgage applications, approvals and drawdowns”.
“Looking at the approvals figures for June, while the year-on-year figure was well down, almost 50% on this time last year, activity in June did see a 20% increase on May. The increase indicates a level of resilience and robustness in the market which has been bolstered by the removal of some Covid-19 restrictions since mid-May. However, any indications of a recovery need to be treated with caution as it is early days in the economic journey.
“Overall, our message is that lenders are continuing to approve new mortgage applications and consumers should actively proceed with mortgage applications where their incomes and employment circumstances have not been impacted by the current pandemic and where they meet the normal lending criteria ”, said Mr. Hayes.
The BPFI Mortgage Drawdowns and Mortgage Approvals reports can be viewed on the BPFI website here.