THE MOST RECENT financial quarter saw mortgage drawdown values at the highest they’ve been since mid-2008.
A total of 14,217 mortgages worth €4,598 million were drawn down by borrowers between July and September 2026, according to the latest Banking and Payments Federation Ireland (BPFI) report.
First-time buyers are continuing to drive the mortgage market, with 8,164 mortgages drawn down between July and September 2026 – the highest amount since the same period in 2008.
Brian Hayes, chief executive of BPFI, said there’s been a growth in first-time buyer mortgages for new builds and second-hand properties, while volumes for self-builds fell by 5.8% year-on-year.
The number of drawdowns for new properties by first-time buyers is the highest it has been since quarter three of 2007 at 3,244, while the number of first-time buyer mortgages on secondhand properties has reached a record €1.56 billion.
Hayes said first-time buyers now account for almost six in every 10 drawdowns.
The mover purchaser market also strengthened, with drawdown values exceeding €1 billion for the first time since quarter two of 2008.
The fastest-growing customer segment was switching, with volumes up by 41.7% year-on-year to 2,214 and value up by 50.9% to €694 million.
Hayes said the latest figures show “continued momentum” across the mortgage market, with growth in drawdowns across every customer segment during the third quarter of 2026.
Meanwhile, Trevor Grant, chairman of the Association of Irish Mortgage Advisors, said the sharp increase in mortgage switching activity shows that “mortgage holders are voting with their feet and aware that substantial savings can be made by shopping around for their mortgage”.
“Interest rates are increasing so it’s important that borrowers get the best terms on their mortgage,” he said.
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