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Tuesday 31 January 2023 Dublin: 6°C

# Mortgages

Last week
22nd January 2023 - 28th January 2023
# European Central Bank
Bank of Ireland increasing fixed mortgage rates again
The banks’s fixed interest rates will increase by 0.75% for all new mortgage loan drawdowns.
This month
January 2023
# Housing
Value of mortgages increase by 16.8% in 12 months: banking lobby report
The value of first-time buyers’ mortgages rose 1.4% year-on-year, according to the report.
Last year
2022
# Banks
Tánaiste says there are no current plans to reintroduce mortgage interest relief
Varadkar said there are no plans currently but it’s not something the Government would rule out for the future.
# Interest Rates
Permanent TSB becomes latest bank to raise interest on fixed rate mortgages
The increases will range from 0.05% to 0.9% depending on a range of factors.
# Interest Rates
Bank of Ireland immediately raises interest rates by 0.25% for new fixed rate mortgages
Bank of Ireland says the move is ‘in light of recent interest rate increases by the European Central Bank’.
# Housing
Mortgage change rules to 'boost purchasing power' of renters
The share of renters that can purchase a three-bed semi-detached home in Dublin has fallen since 2015, says the Central Bank.
# Explainer
Mortgage lending limits: What will the new Central Bank announcements mean for you?
An easing of lending restrictions announced today will make a mortgage more accessible for first-time buyers
# Reaction
Housing minister welcomes mortgage rule change but concerns raised about house price increases
Concerns have been raised about increasing borrowing limits when supply remains low.
# mortgage rules
Central Bank rule change: First-time buyers to be able to borrow four times gross income
A review into mortgage lending began last year.
# Banking
Mortgage customers 'frustrated' over wait times to switch lenders amid interest rate hikes
There has been a significant increase in applications over the last 12 months, brokers have said.
One customer started his application in July and still has not received a loan offer from the lender he wants to switch his mortgage to, Michelle Hennessy reports.
Brokers have said the exit of Ulster Bank and KBC from the market has left other lenders struggling to keep up with rising demand.
Voices
Analysis: ECB rates are on the rise, what does this mean for mortgage holders?
Financial expert David Quinn looks at the latest rate hike and the options available to homeowners.
# Mortgage drawdowns
House hunters' spending power drops by 9% as average house price continues to rise
House hunters now have an average of €27,000 less to spend on a home compared to this time last year.
# catriona carey
Central Bank issues warning about unauthorised firm linked to businesswoman Catriona Carey
Carey is listed as the sole director of Careysfort Asset Estates Ltd.
# Mortgages
Mortgage seekers need 'significantly' higher earnings than 10 years ago to secure financing
Median household income of first-time buyers increased from €71,000 to €77,000.
Voices
Opinion: The last thing this housing market needs is a subsidy for developers
The Social Democrats are asking the government to scrap the subsidy for developers – Cian O’Callaghan explains why.
Voices
Opinion: I am one of 'generation rent' - it sounds like a joke but we've stopped laughing
Conor Brummell says young people in Ireland feel they’ve been forgotten by all on the political spectrum.
# Housing
Highest number of mortgages drawn down last year since 2009
Mortgages drawn down in 2021 were worth a total of €10.5 billion, the highest value since 2008.
All time
# Housing
'Don't despair': Housing Minister on his 'radical' plans to solve Ireland's housing issues
State-backed mortgages, Airbnb regulations, and new law needed for Mica scheme – Housing Minister Darragh O’Brien tells The Journal that people shouldn’t despair about housing.
Grant schemes are under consideration for the buying and refurbishment of above shop units as well as vacant properties around the country, the housing minister tells Christina Finn.
New regulations have been signed that will increase first-time buyers income ceiling for the local authority home-loans to €65,000 for single people.
Minister says he's "frustrated with the pace" with the pace of progress in regulating short-term let platforms.
DCC says 'no low hanging fruit' when it comes to vacant houses in the capital
Vacant property tax to be introduced next year in a bid to get empty homes back on the market
# Housing
Number of mortgage approvals continues to grow as almost 4,700 signed off last month
This represents a significant increase on the 1,879 mortgage approvals issued in May 2020, the BPFI said.
# bank of mum and dad
People split on mortgage lending rules but strongly opposed to limits on inheritance from parents
An overwhelming majority do not favour limits on the money people can receive from parents.
# Housing Crisis
Varadkar urges Central Bank to get mortgage lending rules review done 'as soon as possible'
The rules restrict the amount someone can borrow to 3.5 times their income, though there are exemptions.
# Mortgages
Number of mortgage approvals nearly doubled in April compared to same month last year
4,362 mortgages were approved in April this year.
# Housing Market
First-time buyer mortgage drawdowns at highest Q1 level since 2007 - BPFI
Figures show overall mortgage drawdowns in Q1 were at their highest since 2009.
# property ladder
'Relationship status should not define your ability to own a home, but it does'
Single people say trying to buy a home is even more difficult for them than for couples – and that’s saying something.
As difficult as buying a home can be for couples, single people face an even bigger challenge
Some people are 'priced out of 95% of houses in Dublin'
'The rampant greed of the Celtic Tiger cast a long and depressing shadow,' one buyer said
Some houses selling for €120,000 above asking price as virtual viewings become the norm during pandemic
# Mortgages
Significant decline in buy-to-lets as Covid-19 continues to impact housing market
Buy-to-let investors now account for less than 1% of mortgages, compared to 20% in 2006, according to new figures.
# property ladder
Over 3,300 mortgages approved in January, representing 2.8% year-on-year increase
That’s according to figures released by the Banking & Payments Federation Ireland today.
# Banking
'No need to panic': How will the Ulster Bank wind down affect customers?
The bank will be wound down gradually over the next few years.
# The Banks
Government to explore creating a 'third force' in Irish banking if Ulster Bank exits Irish market, says Varadkar
A formal announcement is expected on Ulster Bank’s operations in the Republic of Ireland tomorrow.
# Mortgages
How to make it through the mortgage maze (and de-stress while you're doing it)
Expert tips on putting yourself in pole position for mortgage approval, without a worry overload.
# property ladder
Over 5,200 mortgages approved in October, with surge driven by first-time buyers
October was the busiest month for mortgage approvals since BPFI began collecting this data in 2011.
# In trouble
Vintners say thousands of pubs face defaulting on loans as six-month mortgage moratorium due to end
Pubs were given a six-month moratorium on their mortgages.
# Mortgages
Wage subsidy and mortgages: 'The government isn't helping them. What chance have they with the banks?'
Many on the wage subsidy scheme with mortgage approval have struggled to reach the drawdown stage.
# Mortgages
Sinn Fein's Pearse Doherty accuses banks of ‘profiteering from pandemic’
Since March, nearly 80,000 mortgage-holders impacted by the pandemic have taken payment breaks.
# awaiting approval
AIB reverses 'de-facto ban' on mortgage approval for wage subsidy recipients
The bank said that it may still refuse to allow a mortgage to be drawn down if it finds a customer is unable to meet repayments.
# demand and supply
Pandemic set to cause major shortfall in housing supply, warns new study
The study from the Banking & Payments Federation Ireland shows that new builds have been badly impacted.
# wage subsidy scheme
'The stress is real. And growing': Wage subsidy recipients with mortgage approval uncertain if they can buy home
Some applicants have been told by their bank they can’t draw down their mortgage if they’re in receipt of the wage subsidy scheme.
# new home
April figures show a drop of over 40% in mortgage approvals being granted in Ireland
In total, 2,200 mortgages were approved in April.
# Mortgages
Taoiseach meets with five major banks to discuss Covid-19
The government says that the banks have agreed that anyone availing of a mortgage break can now extend the loan term.
# Lending
Drop of nearly 10% in mortgage approvals in March compared to 2019
The figures offer an early indication of the impact of Covid-19 on lending.
# Coronavirus
Covid-19 mortgage break to be extended from three months to six
All of the country’s main banks are participating in the break.