'Rates have increased but it still makes sense to switch as there are still large differences on rates offered between lenders.'
Irish mortgage holders face a huge overpayment of €16,000 if they make the wrong rates decision with their next move.
Managing Director of doddl.ie, Martina Hennessy, has urged mortgage holders not to take a wait-and-see approach as rates continue to rise. “The lowest rate on the market is now a three-year fixed rate of 3.25% while the highest three-year fixed rate for the same loan to value is 6.2%. “And with nine lenders in the market, without advice, the chances are you may not land on the right option.”
The index is based on the average mortgage drawn down for new lending in both the first-time buyer and second-hand mover markets as at Q1 2023. “You might be paying more when you roll off your rate, but you will still save by switching as opposed to accepting the first rate on offer.
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