Broker Market Mortgage Survey Update
Thu May 28 2020
Brokers Ireland conducted a survey of 72 Mortgage Brokers based in Ireland to gain insight into how the Covid-19 pandemic has affected their business in the marketplace since March 2020. The survey was conducted by Brokers Ireland during April 2020 amongst mortgage Broker members.
The following are the main highlights from the study:
- 95% of mortgage Brokers have seen a drop off in new mortgage applications since the pandemic.
- There has been a 90% drop in new enquires for Mortgage Brokers.
- More than 60% of all Brokers Surveyed have seen a drop off of 75% or more.
- When Brokers were asked about this drop off, more than one in every two said it was as a result of temporary job loss, followed by temporary income reduction and prospective buyers holding off hoping to buy later for a lower price. Brokers assume the temporary measures are prudent because applicants may no longer have a job to support mortgage repayments.
- Almost one in three Brokers are seeing cases where mortgage applicants who have signed contracts to buy a home could now stand to lose their deposits. Only 7% of respondents said this situation was extremely common with almost six in ten saying it is not common at all. Brokers suggest that most lenders are doing a combination of increasing payments when they resume and adding on the repayment at the end of the mortgage term.
- The survey also found that Brokers claim that over 95% of people want to keep paying their mortgages for as long as they can, regarding it as a priority.
Brokers Ireland would like to acknowledge and thank all members who participated in this mortgage study.