NI mortgage lending fell in first quarter of 2015

http://www.bbc.co.uk/news/uk-northern-ireland-32907321

Version 0 of 1.

The number of people in Northern Ireland taking out a mortgage fell in the first quarter of 2015, according to the Council of Mortgage Lenders (CML).

Its figures show that 2,400 homeowner house purchase loans were made in the first three months of the year.

That was down 33%, compared to the fourth quarter of 2014 and 11% down compared to the first quarter of 2014.

However, it was still the second best performing first quarter for house purchase activity since 2007.

'Encouraging signs'

First-time buyers took out 1,400 loans, with the rest going to home movers.

The first-time buyer market has recovered much more strongly than the home mover market

Derek Wilson, chair of the CML Northern Ireland, said that lending in the beginning of the year is "usually muted" but there are still "encouraging signs" the market is continuing to recover.

"We will likely see activity pick up as we head towards the summer months," he added.

Stephen Bloomfield, Danske Bank's deputy managing director of personal banking, said a rise in remortgaging was "encouraging".

"Increased remortgage activity is perhaps a sign that consumers are starting to shop around for better deals and are prepared to move their mortgage if it will save them money."