Recent figures from the Banking and Payments Federation Ireland have seen mortgage approvals rise by 20.4% in the month of June, though they are down 49.5% when compared to last year. Of these approvals, 46.8% were for first-time buyers.
Despite the COVID-19 pandemic, the criteria for mortgage approval haven’t changed. These regulations are set by the Central Bank of Ireland, who conduct an annual review of mortgage measures before deciding whether to keep the rules as they are, or make necessary adjustments (in the interest of consumers and the greater economy). No one knows what will happen for the remainder of 2020 or in 2021, but for those hoping for a mortgage, it’s good to know things are, for now, still business as usual.