NI mortgage borrowing hits a 10-year high after climbing 12% to £480m

Mortgage lending in Northern Ireland reached a 10-year high of £480m during the third quarter of the year, according to the latest figures.

Industry body UK Finance – formerly known as the Council for Mortgage Lenders – said borrowing by home-buyers rose 12% to reach £480m, up 20% on the third quarter of last year.

And borrowing by first-time buyers was up 24% to reach £260m in the third quarter.

Loans taken out by home-movers were also up 16% year-on-year at £220m.

Derek Wilson, the chairman of UK Finance’s Northern Ireland mortgage committee, said: “Lending for house purchases picked up again in the third quarter and is now at its highest level for a decade. 

“First-time buyers continue to borrow more than movers, with lower house prices helping to boost activity in what remains the most affordable region in the UK.

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