First-time buyer mortgage approvals reached highest year-to-date levels on record by November, while mover purchase activity continued to slow – BPFI
- 49,760 mortgage approvals in the eleven months to the end of November 2025 valued at €15.8 billion
- FTB approvals reached highest year-to-date activity levels since the data series began, with over 30,000 approvals valued at almost €10 billion over the same period
- Slight decline in monthly mortgage activity year-on-year in November 2025, with approval volumes down by 3.4% and values down by 0.8%.
Wednesday 7th January 2026 – Banking & Payments Federation Ireland (BPFI) has today published the latest figures from the BPFI Mortgage Approvals Report for November 2025. The following are the key elements:
- A total of 4,251 mortgages were approved in November 2025 – first-time buyers (FTBs) were approved for 2,512 mortgages (59.1% of total volume) while mover purchasers accounted for 863 (20.3%).
- The number of mortgages approved fell by 11.1% month-on-month and fell by 3.4% compared with the same period last year.
- Mortgages approved in November were valued at €1,354 million – of which FTBs accounted for €822 million (60.7%) and mover purchasers for €323 million (23.8%).
- The value of mortgage approvals fell by 12.3% month-on-month and by 0.8% year-on-year.
- Re-mortgage/switching activity rose by 19.4% in volume terms year-on-year and by 25.0% in value in the same period.
Commenting on the publication of the latest data and reflecting on the figures year to date, Brian Hayes, Chief Executive, BPFI said: “Our latest report reveals that there were 4,251 mortgage approvals in November 2025 with overall values at almost €1.4 billion (€1,354 million). This represented a slight decline in activity, with approval volumes down by 3.4% compared with November 2024 and values down by 0.8%. The most notable slowdown was observed in home purchase mortgage approvals, including those for first-time buyers and mover purchasers, which experienced an overall reduction of 6.8% in volume and 3.5% in value year-on-year.”
“However, looking more broadly at the eleven-month period to the end of November 2025, there were 49,760 mortgage approvals, amounting to €15.8 billion. FTB approvals reached their highest activity levels since the data began in 2011 over the same period, with over 30,000 (30,124) approvals valued at almost €10 billion (€9,796 million). This was more than four times the value of mortgage approvals in the same period of 2015 (€2,432 million).”
He continued: “By contrast, mover purchase approval volumes dropped to 9,634 in the first eleven months of 2025, the lowest year-to-date level since 2015. Nevertheless, values rose to more than €3.6 billion over the same period, the highest year-to-date values since the data series began.”
Looking at mortgage switching activity, Mr Hayes added: “Meanwhile, mortgage switching activity continued to grow with more than 5,900 (5,918) switcher approvals valued at over €1.7 billion (€1,721 million) in the first eleven months of 2025. This represents an increase of 35.7% in volume and 55.1% in value on the same period of 2024, and the highest year-to-date activity levels since 2022.”
The BPFI Mortgage Approvals Report November 2025 is available here.
The BPFI Mortgage Approvals report data series since January 2011 is available to download here.
Ends/
Note: Banking & Payments Federation Ireland (BPFI) represents the banking, payments and fintech sector in Ireland. Together with its affiliates, the Federation of International Banks in Ireland, and the Fintech & Payments Association of Ireland, BPFI has over 120 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace.
Contact: Fiona Murphy, Head of Communications, fiona.murphy@bpfi.ie or Jillian Heffernan, Director of Communications, jillian.heffernan@bpfi.ie.
