Comment on Council of Mortgage Lenders Regulated Mortgage Survey Q4 2016

Commenting on the latest figures from the Council of Mortgage Lenders on mortgage activity in Northern Ireland, Niall Harkin, Head of Mortgage Intermediary Business at Danske Bank, said:

“This survey paints a generally upbeat picture, with confirmation that mortgage activity in Northern Ireland increased last year and lending rose in the fourth quarter at a time when overall lending across the UK faded. While consumer confidence in Northern Ireland fell in quarter four, this was not reflected in mortgage activity.

“The official NI Residential House Price Index showed house prices in Northern Ireland rose by 6 percent in 2016 and it is clear we are also experiencing growth in the mortgage market. That growth was relatively steady throughout 2016, driven by a still buoyant first time buyer market.

“Overall, the CML’s Q4 figures suggest the market in Northern Ireland is healthy and with affordability comparing favourably to the UK average, there is capacity for further growth in the market in 2017.

“At Danske Bank we will continue to support consumers in all segments of the market and have just launched our latest cashback incentive, offering £2,000 cashback on residential mortgages over £150,000 and £1,200 for mortgages between £100,000 and £149,999*. For potential home buyers or home movers, the market is very competitive right now and the cost of mortgage lending is at record lows, with lots of innovation in the market, new lenders and a wide range of products on offer.

 “In terms of what we are seeing among our own customers, we saw strong demand in 2016, with a 96 percent uplift in mortgage approvals. The ongoing low interest environment continues to help households, and while rising inflation will put some pressure on household incomes, we expect continued strong mortgage demand in 2017.”


*Offer ends 18 March 2017.

Amount borrowed                    Cashback

Less than £100,000                     £500
Between £100,000 and £149,999  £1,200
£150,000 or above                      £2,000

• You must have completed a mortgage application and received an illustration by 18 March 2017 to qualify for cashback.
• Cashback is only payable on completion of the mortgage.
• Whether we provide credit depends on your circumstances, and you must be 18 or over. Lending criteria, terms and conditions apply.
• Your home is security for your mortgage. You may need to provide other security.
• A Danske Bank personal current account will be required to service the mortgage.

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