Irish Mortgage Approvals Hit 15-Year High in July, Driven by First-Time Buyers

Mortgage approvals in Ireland surged in July, reaching their highest monthly levels in at least 15 years, as reported by the Banking & Payments Federation Ireland (BPFI). This significant increase was largely propelled by first-time buyers, who constituted more than half of the 6,253 mortgages approved during the month.

“

Looking at the annualised figures, there were 55,307 mortgage approvals in the 12 months to July 2026, valued at €17.9 billion.

First-time buyers secured 3,575 approvals, underscoring their crucial role in the mortgage market's recent momentum. The overall number of mortgage approvals in July saw a 14.4% increase compared to July of the previous year. This sustained activity points to a robust housing market, with lending pipelines showing continued strength.

Beyond first-time buyers, those remortgaging their properties or switching lenders also contributed significantly to the approvals. This segment represented one-fifth of all approvals, experiencing a substantial 71.6% rise compared to the previous year. This surge in refinancing and switching activity suggests homeowners are actively managing their mortgage terms.

“

This represents a moderate increase on the 12 months to June 2026, with volumes up 1.44% and values up 1.51%.

In terms of monetary value, mortgage approvals in July exceeded €2 billion, representing a 15% increase year-on-year. Brian Hayes, Chief Executive of BPFI, noted that while these are the highest monthly levels since the data series began in 2011, mortgage approval activity typically peaks between May and July annually. He highlighted that annualised figures show 55,307 mortgage approvals in the 12 months to July 2026, valued at €17.9 billion, indicating continued market momentum.

“

Taken together, the figures point to continued momentum in the mortgage market, with first-time buyers remaining a key driver and switching activity adding further to the lending pipeline.