First time buyers and mover purchasers have chosen to borrow less than they could have in order to reduce payments, the latest BPFI mortgage report reveals.
This comes as little surprise since higher house prices and larger loans meant average mortgage repayments have increased. FTBs are now paying €1,020 monthly on the average, whereas before they were paying €910. Meanwhile the repayments mover purchasers are making are now €1,361, €150 more than before.
The report compares average monthly mortgage payments between H1 2020 and H1 2022. Another trend that was revealed in the report is that borrowers either seek longer loan terms to have a lower monthly repayment, or are maximising their deposits to have to borrow less.
