The number of people switching their mortgage grew by more than 100% in the past year.It also says that there was continued growth in mortgage approvals - with a 14.3% increase compared with the same period last year.There were 5,355 mortgage approvals - valued at more than €1.4bn - in May.Re-mortgage/switching grew by 111.5% to 1,237 in volume terms year-on-year, and by 129.3% year-on-year, to €329m over the same period.
"During the month of May switching volumes and values more than doubled in year-on-year terms with switching levels at their highest ever recorded since BPFI began collecting this data in 2011.""FTBs still accounted for about half of mortgage approvals both in volume and value terms. "These latest June figures are notably dominated by mortgage switching activity and May was one of the strongest performances recorded for FTB approvals.
"This is particularly true for approval values, with a significant increase in average loan values year on year driving strong growth in lending values."In fact, May 2022 saw the second highest recorded value for FTB approvals - after October 2020 - and the seventh highest for mover-purchase." Main image: A woman looks at properties advertised for sale in an estate agents window in June 2008. Picture by: Jeff Gilbert / Alamy Stock Photo