The latest doddl.ie mortgage switching index has found the savings that homeowners can make by switching their mortgages have doubled in the past six months.
As mortgage interest rates pass 7% for the first time in over a decade, householders may be paying an average of up to €7,099 in extra repayments per year by not switching lenders, doddl.ie claims.
The index is based on the average new mortgage drawn down in the last quarter of almost €300,631 and a highest roll out variable rate of 7.15% compared to the lowest standard rate on the market, which currently stand at 3.85%. But despite the financial attractions, mortgage switching activity has decreased dramatically in 2023 as confusion reigns in the market, according to Martina Hennessy, Managing Director of doddl.ie.
"Fear of selecting the wrong options means that we do not act at all, and remain paying needlessly high rates of interest on our biggest outgoing. While the pillar banks were initially slow to pass on rate increases this has certainly changed and we continue to see rate increases throughout the market," she said.
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