Ireland Mortgage

Abstract: In this paper we will discuss about the mortgage market in Ireland. In 2006, the Irish mortgage market claimed a record amount of lending. The government expects a similar success in 2008. A huge amount of money will be provided to buy residential properties.

According to the Ireland Mortgage Corporation, in 2006 the mortgage market lent 43 billion euros which was a record. The lending amount increased by 29% than that of the previous year.

The experts said that, the reason behind this large amount of growth in lending was huge demand for property. The first-time buyers demanded more than the existing customers in spite of the increasing rates of interest.

The statistics given by the Irish Central Bank revealed that the residential mortgage outstandings went up by 2.4 billion euros during July 2006. That was also the highest monthly increase in 2006.

The good performance in 2006 went on in 2007 as well. The increasing population in Ireland was another reason for which the demands for new mortgage went high. The economic environment in the country was also good.
Of late, a survey by the Mortgage Corporation reveals that the number of non Irish clients are increasing in the mortgage market. They account for nearly one fifth of the total customers applying for new mortgage.

This year, the Irish government expects the same amount from gross lending. It plans that 27 billion euros will be given directly for the purpose of buying residential properties.

The Bank of Ireland Mortgages (BIM) is a very popular name in the Irish mortgage sector. It is a member of the Bank of Ireland Group which is running for more than two centuries. The aim of BIM is to offer a range of mortgage products and top class service.

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Last Updated on : 24th August 2013