There were almost €14.5 billion worth of mortgage drawdowns across the Republic of Ireland last year – the highest annual drawdown values since 2008.
That’s according to the Banking & Payments Federation Ireland’s (BPFI) latest Mortgage Drawdowns Report for Q4 2025 and the BPFI Mortgage Approvals Report for December 2025.
The 2025 figure for values rose by 15.2% while the volume was up 7.7% with a total of 46,358 mortgages drawn down in total last year.
In total 53,264 mortgages were approved in 2025 valued at more than €16.9 billion.
The report found that first-time buyers continue to drive the market, accounting for 60% of the volume and 61% of the value of mortgage drawdowns in 2025.
By contrast, mover purchase mortgages bucked the broader drawdown trend with volumes at the lowest level since 2014.
New properties, including self-builds, accounted for 41% of the volume and 43% of the value of first-time buyer mortgage drawdowns in 2025, the highest shares since 2009.
Looking specifically at Q4 2025, a total of 13,593 new mortgages to the value of €4,324 million were drawn down by borrowers during final three months of last year.
This represents an increase an increase of 4.5% in volume and 9.5% in value on the corresponding fourth quarter of 2024. A comparison with the previous quarter, Q3 2025, also shows increases of 8.1% in volume and 8.8% in value.
First-time buyers remained the single largest segment by volume (61.6%) and by value (62.7%) but re-mortgage and switching volumes and values also increased by 33.9% and 52.1% year-on-year respectively.
Speaking on the publication of the reports, Brian Hayes, Chief Executive, BPFI said: “Our latest mortgage data, which provides an annual picture for 2025, shows steady growth in activity in the 12 months to the end of 2025 with drawdown volumes up 7.7% year on year to 46,358 and values up 15.2% to almost €14.5 billion, the highest annual drawdown values since 2008.
“First-time buyers continue to drive the mortgage market, accounting for 60% of the volume and 61% of the value of mortgage drawdowns in 2025. First-time buyer volumes rose by 5.4% to 27,652 mortgages, the highest drawdown volumes since 2008 while values increased by 13% year on year to more than €8.8 billion, the highest value since the drawdowns data series began in 2003. By contrast, mover purchase mortgages bucked the broader drawdown trend with volumes dropping to 8,782, the lowest level since 2014.”
Looking more closely at property types, Mr Hayes continued: “A rising share of first-time buyer mortgages were drawn down on new properties (including self-builds) in 2025, accounting for 41% of the volume with and 43% of the value of first-time buyer mortgages, the highest shares since 2009. Comprising 11,343 FTB mortgage drawdowns valued at more than €3.8 billion, these are the highest levels since 2007.
“While the number of first-time buyer mortgages on second-hand properties fell for the second year in a row, the value of those mortgages exceeded €5 billion (€5,019 million) for the first time since that data series began in 2005.
“Meanwhile, there was positive momentum in the switching market with the value of drawdowns increasing by 57.3% in 2025. At almost €1.7 billion, mortgage switching drawdowns reached their second highest level since 2008. Top-up activity – including top-ups on existing mortgages as well as mortgages on residential properties that were previously unmortgaged – has also increased significantly in recent quarters with 3,280 top-up drawdowns valued at €463 million in 2025. This is the highest level since 2010 but well below the levels in the mid-2000s.”
Reflecting on mortgage approvals for 2025, Mr Hayes continued: “Mortgage approval activity also remained strong in 2025 with the value of approvals rising by 10.3% in 2025 to more than €16.9 billion, the highest value since the approvals data series began in 2011. The volume of mortgage approvals rose to 53,264, up 3.8% on the same period, the second highest since the data series began.”
Speaking on the publication of the reports, Brian Hayes, Chief Executive, BPFI said: “Our latest mortgage data, which provides an annual picture for 2025, shows steady growth in activity in the 12 months to the end of 2025 with drawdown volumes up 7.7% year on year to 46,358 and values up 15.2% to almost €14.5 billion, the highest annual drawdown values since 2008. First-time buyers (FTBs) continue to drive the mortgage market, accounting for 60% of the volume and 61% of the value of mortgage drawdowns in 2025. FTB volumes rose by 5.4% to 27,652 mortgages, the highest drawdown volumes since 2008 while values increased by 13% year on year to more than €8.8 billion, the highest value since the drawdowns data series began in 2003. By contrast, mover purchase mortgages bucked the broader drawdown trend with volumes dropping to 8,782, the lowest level since 2014.”
Looking more closely at property types, Mr Hayes continued: “A rising share of FTB mortgages were drawn down on new properties (including self-builds) in 2025, accounting for 41% of the volume with and 43% of the value of FTB mortgages, the highest shares since 2009. Comprising 11,343 FTB mortgage drawdowns valued at more than €3.8 billion, these are the highest levels since 2007. While the number of FTB mortgages on secondhand properties fell for the second year in a row, the value of those mortgages exceeded €5 billion (€5,019 million) for the first time since that data series began in 2005.”
“Meanwhile, there was positive momentum in the switching market with the value of drawdowns increasing by 57.3% in 2025. At almost €1.7 billion, mortgage switching drawdowns reached their second highest level* since 2008. Top-up activity – including top-ups on existing mortgages as well as mortgages on residential properties that were previously unmortgaged – has also increased significantly in recent quarters with 3,280 top-up drawdowns valued at €463 million in 2025. This is the highest level since 2010 but well below the levels in the mid-2000s.”
Reflecting on mortgage approvals for 2025, Mr. Hayes continued: “Mortgage approval activity also remained strong in 2025 with the value of approvals rising by 10.3% in 2025 to more than €16.9 billion, the highest value since the approvals data series began in 2011. The volume of mortgage approvals rose to 53,264, up 3.8% on the same period, the second highest since the data series began.”
Mr Hayes concluded: “Looking ahead at 2026, we expect continued strong demand in the housing and mortgage markets. Potential mortgage output for 2026 looks positive, evident from the solid growth in mortgage approvals activity. In the short term, housing output also looks encouraging for the year ahead. However, a significant increase in the commencement activity in the first half of this year will be required to sustain output beyond 2026, given the fact that commencements of about 16,500 last year were at their lowest levels since 2016 and half the levels observed in 2023.”
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