How Covid-19 has impacted the mortgage market

Relying on Covid supports have made getting a mortgage more challenging for many

A typical first-time buyer will need about €25,000 for a deposit, and potentially significantly more in Dublin. Photograph: iStock

A typical first-time buyer will need about €25,000 for a deposit, and potentially significantly more in Dublin. Photograph: iStock

Almost a year on from our first lockdown, the impact of Covid-19 still overhangs the mortgage market. Whether you’re looking to buy your first home, switch mortgage or trade up, the pandemic means it can all be a bit more challenging.

Getting a deposit together

Let’s start with the positive first. As Liam O’Connor, sales director with Irish Mortgage Corporation points out, one of the upsides of the past 12 months is that people’s ability to spend has been severely curtailed as a result of the pandemic.

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