Mortgage lending in Northern Ireland up in Q1

By Natasha Adamson

There was a 41 per cent increase in mortgage lending in Northern Ireland in the first quarter of this year compared to the same three month period in 2013.

New figures from the Council of Mortgage Lenders show a marked increase in the number of new mortgages advanced to borrowers in Northern Ireland in the first few months of this year, but the increase is only when based on annual comparison. Compared to the previous quarter, Q4 of 2013, mortgage lending in Northern Ireland actually declined by 11 per cent. That decline is generally written off by economists as a seasonal dip.

There were 2,700 mortgages advanced to property purchasers in Northern Ireland over the first quarter, and 1,600 of those involved first time purchasers. On average the mortgage amount was £72,000 and first time buyers borrowed 2.91 times their gross income.

If you are buying, selling or remortgaging a property in Northern Ireland, and require a conveyancing solicitor to handle the legal process for you, contact Wilson Nesbitt in Belfast by calling 0800 840 9290.

 

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