EBS have joined AIB, BOI and PTSB in announcing its intention to approve mortgage finance for first time buyers in 2013
EBS Building Society has become the latest mortgage lender to put aside funds for first time buyers seeking finance. The bank aims to lend out a minimum of €400 million to prospective house buyers this year –and they are not the only bank with similar plans. Allied Irish Bank, Bank of Ireland and Permanent TSB all have plans to approve a significant number of loans to first time buyers in 2013.
Following a pick up in the amount of mortgages being drawn down in 2012, the pillar banks, AIB and BOI, are both allocating €2 billion for writing new loans this year. Even other lenders who have shied away from lending following the collapse of the property market have found renewed confidence to begin lending again. Permanent TSB, who lent very little last year, is increasing its lending funds considerably to €350 million for 2013.
With mortgage affordability levels going back to those experienced in the mid 1990’s, it seems a good time for EBS to follow in the footsteps of other lenders. The cost of funding a mortgage currently stands at 14.1 percent of a couple’s net income– almost half (26.4%) of what it was at the boom’s peak in 2006. With almost €5 billion being made available for first time buyers from several lenders, 2013 will be an interesting year for mortgage lending.
If you are planning to buy in 2013, speak to our mortgage advisors first. As qualified mortgage advisors with 15 years experience, we can source you the most competitive mortgage for your circumstances by comparing rates with our leading lenders. Why not have a chat with us today: leave us a request to call you back or apply online now!