Mortgage switch savings double in six monthsThe savings that homeowners can make by switching their mortgages have doubled in the past six months, the Q3 doddl.ie mortgage switching index has found. As mortgage interest rates breach the 7% barrier for the first time in over a decade, householders may be paying a record average of up to €7,099 in extra repayments per year by not switching lenders. However, despite the financial attractions, mortgage switching activity has decreased dramatically in 2023 as confusion reigns in the market, according to Managing Director of doddl.ie, Martina Hennessy. “People fear that they have missed the boat, but the reality is that the repayment gap is widening, and it is now more important than ever to review your mortgage rate,” said Ms Hennessy. “The majority of those switching mortgage do so with the assistance of a mortgage broker.

Source: Irish Independent November 06, 2023 19:28 UTC