Banking & Payments Federation Ireland (BPFI) has today published the latest figures from the BPFI Mortgage Approvals Report for February 2021. The following are the key elements:
Speaking on the publication of the data, Brian Hayes, Chief Executive, BPFI stated: “Our latest approvals figures show another month of solid albeit slower growth, especially for first-time buyers who now account for over half of all approvals both in volume and value terms. This growth is taking place against a backdrop of continued level 5 restrictions throughout February which underlines lenders’ continued support for the mortgage market particularly when we consider that February 2020 was a relatively normal month preceding any COVID restrictions.”
“It is interesting to note that re-mortgage/switching was the fastest growing segment in February, with volumes up 15.1% year on year to more than 500. Lenders are supporting large numbers of customers who want to switch. In the past three years, lenders have approved almost 17,900 re-mortgages valued at €4.2 billion.”
The BPFI Mortgage Approval Reports February 2021 and data series are attached above and can be viewed on the BPFI website here.