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.

Related News

Blue Monday

Blue Monday

So, you've probably heard by now that it's 'Blue Monday'... Worrying about money can make your...

read more