Mortgage debt declines by €61 million in third quarter

New quarterly figures from the Central Bank show mortgage debt declined by €61 million to €60.3 billion during the third quarter of 2015.

The annual rate of decline in loans for home purchase was 0.8 per cent at end-September 2015, following a 1.4 per cent decline at end-June.

Fixed-rate mortgages increased by €839 million, or 14.6 per cent, during the third quarter to stand at €6.6 billion.

Standard variable rate mortgages, which recorded a €776 million (2.7 per cent) decrease in the third quarter, accounted for 46 per cent of outstanding home loans at the end of the quarter. Tracker mortgages, which accounted for 40 per cent of home loans, declined by €216 million.

The total amount of loans outstanding for buy-to-let properties fell by €273 million or 1.7 per cent in the third quarter to stand at €15.5 billion.

The annual rate of decline in loans for buy-to-let properties, which represented 20 per cent of loans for house purchase, was 8.1 per cent at end-September 2015.