Mortgage Approvals – April 2015

Banking & Payments Federation Ireland (BPFI) has published the latest figures from the
BPFI Mortgage Approvals Report for the three months ending April 2015.

The following are the key elements:

  • A total of 2,352 mortgages were approved per month, on average, in the three months ending April 2015, of which 2,130 (91%) were for house purchase.
  • The number of mortgages approved rose by 31.8% year-on-year and by 4.4% month-on-month.
  • The value of mortgages approved per month, on average, in the three months ending April 2015 was €441 million, of which €412 million (93%) was for house purchase.
  • The value of mortgage approvals increased by 43.6% year-on-year and by 2.6% month-on-month.

Data collection for the BPFI Mortgage Approvals Report began in September 2012 covering the period from January 2011 onwards in respect of the market’s main mortgage lenders. The BPFI Mortgage Approvals Report March 2015 is available on the BPFI website here.

All figures are based on the three-month moving average. Year-on-year compares the average for the three months ending April 2015 with the three months ending April 2014. Month-on-month compares the average for the three months ending April 2015 with the three months ending March 2015.

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Note: Banking & Payments Federation Ireland is the voice of banking and payments in Ireland, representing over 70 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.
Contact: Nuala Buttner, ph: 085-1744275

New Mortgage Lending in Q1 2015

  • First-time buyer and mover-purchase volumes rise to highest Q1 levels since 2008 and 2009 respectively
  • Value of re-mortgage or switching loans more than quadruples year-on-year
  • Average re-mortgage value at its highest level since Q2 2008.

The Banking & Payments Federation Ireland (BPFI) Mortgage Market Profile, published today, shows that more than 5,600 new mortgages to the value of €983 million were drawn down by borrowers here during the first quarter of 2015.

These latest figures represent an increase of 64% in volume and 73% in value on the corresponding first quarter of 2014. They also represent a decrease of 25.9% in volume and 26.7% in value compared to the previous quarter (Q4 2014) – the first quarter is traditionally the weakest in any year while the fourth quarter is generally the strongest.

First-time buyer (FTB) and mover-purchase volumes rose to their highest Q1 levels since 2008 and 2009 respectively. FTBs remained the single largest segment, at 53.6% of new mortgage loans in Q1 2015. Together, FTBs and mover-purchase accounted for 85.5% of the mortgages drawn down. The value of re-mortgage or switching loans more than quadrupled year-on-year, with the average re-mortgage value (€238,720) in Q1 2015 at its highest level since Q2 2008.

MMP Q1 2015 - Graph

This graph presents the trend in the volume of mortgage approvals and mortgage drawdowns and shows that the ratio of drawdowns to approvals for property-purchase mortgages topped 80% for the first time since Q3 2013.

The BPFI Mortgage Market Profile can be viewed on the web here.

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Note: Banking & Payments Federation Ireland is the voice of banking and payments in Ireland, representing over 70 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.

Media Contact: Sinéad McGovern 087 6411725

Statement in response to Government announcement to support mortgage holders

The country’s principal mortgage lenders, who are represented by Banking & Payments Federation Ireland (BPFI), are fully committed to working with borrowers who face difficulties in maintaining their mortgage repayments on their homes. In doing so, they share the Government’s objective to make as many loans as possible sustainable again and maximise the number of people who stay in their homes. Repossession has been and remains a last resort for lenders.

Customer engagement is key to enabling the lender and borrower determine what resolution is appropriate based on the wide range of options currently available. The latest measures announced by Government today are additional to these options. At the same time, BPFI is in advanced discussions with Stepchange Debt Charity for this specialist debt advice charity to provide free and independent advice to distressed borrowers who have multiple debts.

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Note: Banking & Payments Federation Ireland (BPFI) is the voice of banking and payments in Ireland, representing over 70 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.

Contact: Sinéad McGovern, ph: 087 6411725

Mobile banking logins exceed online banking logins for the first time

  • More than 1 million online & mobile banking logins per day in 2014

The latest figures from the BPFI Online and Mobile Banking Report show that there were more than one million online or mobile banking logins per day in 2014, with mobile banking logins exceeding online banking logins for the first time in Q4.

The report, which provides quarterly data on trends in online and mobile banking in Ireland, shows that online and banking customers logged into their accounts 365.9 million times in 2014. In Q4 there were almost 98 million logins, with some 49 million logins though a mobile banking app.

In terms of payments, there were 64 million online and mobile payments in 2014; five million per month, rising to almost 6 million per month in Q4. More than 20 million mobile banking payments and 44 million online banking payments were made.

Even though mobile banking accounted for some 32% of online and mobile payments, the number of online banking payments is still growing, with volumes up by 2.6% in 2014.

The report also shows that, on average, 2.3 million customers were active users of online banking during the fourth quarter of 2014, while 1.2 million were active users of mobile banking.

The full BPFI Online and Mobile Banking Report can be viewed on the BPFI website here.

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Note: Banking & Payments Federation Ireland (BPFI) is the voice of banking and payments in Ireland, representing over 70 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.

Contact: Sinéad McGovern, 087 6411725

Mortgage Approvals – March 2015

Banking & Payments Federation Ireland (BPFI) has published the latest figures from the BPFI Mortgage Approvals Report for the three months ending March 2015.

The following are the key elements:

  • A total of 2,252 mortgages were approved per month, on average, in the three months ending March 2015, of which 2,046 (91%) were for house purchase.
  • The number of mortgages approved rose by 43.7% year-on-year and fell by 2% month-on-month.
  • The value of mortgages approved per month, on average, in the three months ending March 2015 was €430 million, of which €400 million (93%) was for house purchase.
  • The value of mortgage approvals increased by 65.4% year-on-year and fell by 1.8% month-on-month.

The Report notes that this is the thirteenth consecutive month in which mortgage approvals have grown by 40% or more year-on-year; also that the Central Bank of Ireland’s new regulations on residential mortgage lending came into force in February.

Data collection for the BPFI Mortgage Approvals Report began in September 2012 covering the period from January 2011 onwards in respect of the market’s main mortgage lenders. The BPFI Mortgage Approvals Report March 2015 is available on the BPFI website here.

All figures are based on the three-month moving average. Year-on-year compares the average for the three months ending March 2015 with the three months ending March 2014. Month-on-month compares the average for the three months ending March 2015 with the three months ending February 2015.

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Note: Banking & Payments Federation Ireland is the voice of banking and payments in Ireland, representing over 70 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.
Contact: Sinead McGovern, ph: 087 6411725