Saturday, 26th May 2018
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homeowners anywhere between €1,200 and €3,600 a year

Experts at MyMortgages.ie, one of Ireland’s leading mortgage brokers, have reported a flurry of activity in the mortgage switcher market since the beginning of the year. The brokers forecast the switcher market alone will experience double digit growth in the first 6 months of the year, as an increasing number of mortgage holders learn of the money saving option.

Figures from MyMortgages.ie have revealed that on "average" mortgages throughout the country anywhere between €40,000 and €100,000 could be saved by moving to another lender.

Joey Sheahan, Head of Credit at MyMortgages.ie believes a number of factors that have led to the influx in enquires they have experienced in the last 2 weeks, "We have experienced a 3-fold increase in the volume of enquiries received since January 2nd from mortgage holders all over the country wondering if they might be eligible to switch lender and avail of cheaper rates. We put this down to a number of factors. As a result of recent media reports, anecdotal evidence suggests that an increasing number of mortgage holders seem to now be aware of the fact that switching lenders to avail of a better rate might be a viable option for them.

A mortgage is most people’s biggest monthly expenditure and yet it’s something that people don’t pay enough attention to when it comes to getting the best value on the market. Many people assume that once they’ve taken out a mortgage with a lender for 20/25/30 years, then that’s the end of the decision making process. But mortgages are just like any other financial product – they should be reviewed every 3 years to ensure you are not paying over the odds".

Experts at MyMortgages.ie say that there has been a raft of debate and discussion in recent years surrounding the high variable rates that banks have been charging mortgage customers since the start of the recession.

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