The firm also reports a 27% drop in purchase loans.
The findings highlight MAB’s shift in current business for Q1 2008, with 50% making up remortgaging and 50% comprising purchasing.
Q1 2007 comprised 64% for home purchases and only 36% for remortgages.
Brian Murphy, head of lending at MAB, says: “The ongoing credit crunch cyclone is continuing to test borrowers’ resolve. With less people choosing to buy, increasing levels of business now comes from remortgage clients.
“Within the mortgage arena, the demise of the 100% mortgage also indicates a relatively bleak outlook for first-time buyers.”
The same report found a downward trend in fixed rate deals for MAB. Such deals were down 25% in Q1 2008 compared to the same period last year.