The number of mortgages being drawn down by first-time buyers has reached its highest level since the Celtic Tiger era in 2008.
That’s according to the latest figures from Banking and Payments Federation Ireland (BPFI), which show that first-time buyer drawdowns are now at their highest level since 2008.
A total of 14,217 mortgages to the value of €4.598 billion were drawn down by borrowers in the months of July, August and September.
This represents an increase of 13.1% in volume and 15.7% in value on the corresponding third quarter of 2025.
A comparison with the previous quarter (Q2 2026) shows increases of 20.5% in volume and 22.7% in value.
First-time buyers remained the single largest segment by volume (57.4%) and by value (58.3%). With 8,164 mortgages they accounted for almost three-fifths of all drawdowns in the third quarter.
Mover purchase drawdown values also exceeded €1 billion for the first time since Q2 2008 but the fastest growing customer segment was switching, with drawdowns up 41.7% in volume and 50.9% in value year on year.
The latest mortgage approval figures show that 56,486 mortgages were approved on an annualised basis valued at over €18.3 billion to the end of September 2026
A total of 5,393 mortgages were approved in September 2026 – some 3,153 were for first-time buyers (58.5% of total volume), while mover purchasers accounted for 1,008 (18.7%).
The number of mortgages approved in September rose by 6.1% month-on-month and by 13.3% year-on-year.
Mortgages approved in September 2026 were valued at €1,739 million – of which first-time buyers accounted for €1,038 million (59.7%) and €383 million by mover purchasers (22.0%).
The value of mortgage approvals rose by 3.6% month-on-month and by 17.0% year-on-year.
Re-mortgage/switching activity rose by 31.2% year on year in volume terms and by 40.1% in value over the same period.
Speaking on the publication of the reports, Brian Hayes, Chief Executive, BPFI, said: “Our latest figures show continued momentum across the mortgage market, with growth in drawdowns across every customer segment during the third quarter of 2026.
“There were 35,449 mortgage drawdowns valued at almost €11.4 billion in the first nine months of 2026, with volumes up by 8.2% and values up by 12% year on year. In Q3 2026, total drawdowns reached 14,217, up 13.1% year on year, while the value of lending rose 15.7% to almost €4.6 billion. This was the strongest quarter for mortgage drawdown volumes since Q4 2022 and for drawdown values since Q3 2008.”
Looking more closely at customer segments, Mr Hayes added: “First-time buyers continue to drive the mortgage market, accounting for almost six in every ten drawdowns. There were 8,164 FTB mortgages drawn down during the quarter, the highest Q3 volume since 2008. We also saw continued strength in the mover purchaser market, with drawdown values exceeding €1 billion for the first time since Q2 2008. However, the fastest growing customer segment was switching, with volumes up by 41.7% year on year to 2,214 in Q3 2026 and value up by 50.9% to €694 million. Switching reached the highest volume and value levels since Q4 2022.”
In terms of property types, he continued: “There were 3,244 FTB mortgages on new properties in Q3, up 7.5% year on year and the highest Q3 level since 2007. The increase in new properties was driven by mortgages on new build property purchases rather than self-builds where FTB volumes fell by 5.8% year on year to 666. Notably, the number of FTB mortgages on secondhand properties increased to 4,920, the second highest quarterly volume in the series, while the value reached a record €1.56 billion.”
Turning to the most recent mortgage approvals, Mr Hayes said: “Approvals activity also grew in September, up 13.3% in volume and 17.0% in value year on year, with growth recorded across both first-time buyer and mover purchase segments. Switching approvals were also up 31.2% in volume and 40.1% in value compared to September 2025. On an annualised basis there were 56,486 mortgage approvals valued at over €18.3 billion to the end of September 2026.”
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