FTBs' 2025 mortgage drawdowns a record
Figures from the main banks show that the value of mortgages drawn down by borrowers last year hit its highest level since 2008.
Banking Payments Federation Ireland (BPFI) said that 46,358 mortgages were drawn down in 2025, valued at almost €14.5 billion.
Drawdown volumes rose by 7.7% year-on-year while, values rose by 15.2%.
The figures show that first-time buyers (FTBs) continued to drive activity, accounting for 60% of the volume and 61% of the value of mortgage drawdowns in 2025.
For the final quarter of 2025, 13,593 new mortgages worth just over €4.324 billion were drawn down.
This represents an increase of 4.5% in volume and 9.5% in value on the same period of 2024.
Approval values up 10%
BPFI also said that its members approved 53,264 mortgages last year, valued at more than €16.9 billion. Approval volumes rose by 3.8% compared with 2024, while values were up 10.3%.
A total of 3,504 mortgages were approved in December 2025 – just under 60% for FTBs and almost 20% for mover purchasers.
The number of mortgages approved in December fell by 17.6% from November but was up 2.4% year-on-year.
Mortgages approved in December were valued at €1,114 million – down 17.7% month-on-month and up 1.1% year-on-year.
More FTB mortgages on new properties
BPFI chief executive Brian Hayes said that the 27,652 drawdowns for FTBs in 2025 was the highest figures since 2008, while the value of these mortgages – at €8.8 billion – was the highest since the figures began in 2003.
He added that the share of FTB mortgages drawn down on new properties last year was above 40% – the highest level since 2009.
The number of FTB mortgages on second-hand properties fell for the second year in a row.
“By contrast, mover-purchase mortgages bucked the broader drawdown trend, with volumes dropping to 8,782 – the lowest level since 2014,” he stated.