Irish mortgage market trends support RMBS stability amid housing supply pressure
Ireland's residential mortgage market in 2026 is shaped by persistent housing supply shortages that continue to support house price growth and rental inflation. These conditions keep affordability pressures elevated while influencing lending patterns and performance trends in residential mortgage-backed securities tied to Irish collateral.
Highlights
- Irish housing market faces persistent supply constraints, driving higher home prices and rental inflation and keeping affordability stretched in 2026.
- Mortgage lending in Ireland is increasingly concentrated in owner-occupied loans, while buy-to-let exposure declines despite higher rental yields.
- Irish RMBS maintain stable performance with low arrears and losses, though modest normalization in indicators and external macroeconomic risks add caution.
Irish housing and lending trends in 2026
As reported by Morningstar DBRS, supply constraints continue to drive conditions in Ireland's housing market, reinforcing both rising home prices and rental inflation. The commentary says these pressures are keeping affordability stretched across the residential market.Mortgage lending is becoming more concentrated in owner-occupied loans, while buy-to-let exposure continues to decline despite higher rents. This shift points to a changing composition in new lending as lenders and borrowers respond to current market conditions.
RMBS performance and wider market implications
Irish RMBS transactions backed by mortgages originated in the Republic of Ireland remain stable, with low arrears and minimal losses. Morningstar DBRS says there is a modest uptick in weaker performance indicators, but this reflects gradual normalisation rather than a sharp deterioration.Macroeconomic conditions remain supportive, helped by strong labour markets that underpin borrower resilience. At the same time, the commentary notes uncertainty from external risks that could weigh on growth and inflation, creating a more cautious outlook for the sector.
In our earlier coverage of Morningstar DBRS’s withdrawal of ratings on Together Asset Backed Securitisation 2022-2ND1 plc, we noted that all rated notes were fully redeemed on the 12 May 2026 payment date. The repayment ended the deal’s outstanding rated debt and led to ratings being discontinued across six note classes, as the transaction was effectively closed out following full redemption.
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