The survey by the Professional Insurance Brokers Association (PIBA) – which represents almost 900 brokers – reveals that lending, or a lack of it, is having a serious impact on the property market.
About a quarter of the brokers polled by PIBA said that 80% of mortgage applications were being turned down, with 60% saying that banks turned down at least 40% of applications.
“The biggest impediment to those wanting to buy a home is the unwillingness of the banks to lend,” said Rachel Doyle, chief operations officer with PIBA.
Karl Deeter, compliance manager with the Dublin broker Irish Mortgage Brokers said: “Banks cook up whatever excuse suits them (to refuse a mortgage). Credit policy is subject to change when and where the banks feel like it.”
Over half of those surveyed said AIB was lending the most, followed by Bank of Ireland and its subsidiary ICS.