In May 2023, the Irish property market witnessed a remarkable upswing in mortgage approvals, particularly for First-Time Buyers. Both in terms of volume and value, mortgage approvals reached an all-time high, with a total of 4,928 mortgages approved. Notably, First-Time Buyers accounted for a substantial 64% of the approved mortgages. This surge in approvals can be attributed to various factors, including relaxed lending criteria by the Central Bank and increased interest in government support schemes like Help to Buy and First Home Schemes. In this blog post, we’ll delve deeper into the reasons behind this encouraging trend and how Ezfees Financial can assist potential homebuyers in navigating the mortgage process.
Increased Mortgage Approvals:
The recent decision by the Central Bank to relax lender criteria for First-Time Buyers has played a pivotal role in boosting mortgage approvals. Under the new guidelines, First-Time Buyers are now allowed to borrow up to four times their income, making homeownership more attainable for many aspiring buyers. Additionally, the popularity of government support schemes, such as Help to Buy and First Home Schemes, has further contributed to the surge in approved mortgages.
Resilience in the Irish Market:
Despite facing challenges like soaring property prices, exorbitant rental costs, and recent mortgage interest rate increases, the Irish property market has demonstrated impressive resilience, especially among prospective buyers. Interestingly, statistics reveal that First-Time Buyers often find themselves paying more in monthly rental costs than they would for a mortgage repayment. As a result, an increasing number of individuals are recognizing the advantages of homeownership and are eager to take advantage of favorable market conditions.
Resilience in the Irish Market:
The current market scenario, characterized by uncertainties, high rental costs, and a decrease in available rental properties due to landlords exiting the market, has fueled a significant increase in mortgage applications. With potential buyers seeking stability and a place to call their own, the demand for mortgage solutions has intensified.
Ezfees Financial: Your Trusted Partner in Homeownership:
At Ezfees Financial, we understand the challenges posed by the current market conditions. Our mission is to assist you in navigating the mortgage process and provide you with simple yet effective financial advice. We prioritize Your Home, Your Family, and Your Future, ensuring that you embark on your homeownership journey with confidence.
Reach Out to Our Advisors:
If you are considering buying a home but are unsure about the mortgage process or your financial options, our team of trusted advisors is here to help. Speak with us today to receive expert guidance and personalized solutions tailored to your needs. Give us a call at 0818 910800 or send your queries via email to firstname.lastname@example.org.
The surge in mortgage approvals, especially among First-Time Buyers, indicates a positive outlook for the Irish property market. Relaxed lending criteria and government support schemes have made homeownership more accessible, prompting a growing number of buyers to take the plunge. At Ezfees Financial, we are committed to supporting your homeownership dreams by offering comprehensive financial advice and guidance throughout the mortgage process. Take the first step towards owning your own home by contacting our team of advisors today.