A survey of independent brokers has found that the majority of people seeking mortgages are finding it harder to get approval, given the ever-tightening squeeze on bank lending.
The study by the Professional Insurance Brokers’ Association (PIBA) found most brokers reporting that between 60% and 80% of applications they submit to lenders are declined. This is a rise on the previous quarter.
Rachel Doyle, director of PIBA mortgage services said: “The bank lending situation continues to deteriorate.
“The Irish Banking Federation recently admitted that mortgage lending is down 94% since the peak in 2005.
“Lenders are placing every impediment in the way of those seeking mortgages,” said Ms Doyle.