Mortgage switching savings for each Irish county revealed
1 Jun, 2020

Mortgage switching savings for each Irish county revealed

The spread between the highest and lowest interest rates available on the market  has now grown to 2.2%.

This gap between repayments on the lowest mortgage rate at 2.3% and the highest at 4.5% is now 27%, meaning that some homeowners are needlessly paying twice as much interest on their mortgage at a time when switching has become easier than ever. Rates based on 90% mortgage finance. Rates at 80% loan to value are even lower at 2.2%.

This map highlights the differential between the lowest and highest non-discounted interest rates on the market – and the potential savings available.

The Index is based on a new lending 90% mortgage drawn down on the average three-bed semi-detached house value* in each county.

“Mortgage holders need to optimise their rate and terms, especially at the moment, and the impact of lower interest rates is hugely significant,” said doddl.ie Managing Director Martina Hennessy.

“Sticking with a lender who is charging you a higher rate than you can achieve on market does not make sense.

“These average savings per annum are interest savings and interest adds no value to your mortgage.

“Current bank switching packages have also removed the previous deterrent of cost in switching mortgages.

“In most cases financial institutions will provide a lump sum amount, once the new mortgage is drawn down, which generally covers any transaction fees involved in switching.

“These switcher packages range from €1,650 up to 3% of the mortgage amount outstanding back in cash.

“With so many rate and cashback offers on the market it is important to get impartial advice to help you understand all available options available to you with regard to mortgage switching rather than directly responding to a marketing message from an individual bank.”

The rate of mortgage switching has more than trebled in the past four years, our data shows.

Mortgage switching transactions represented 14% of home loan lending at year end 2019, this percentage up from 5% in Q4 2015 when the market for mortgage switching started to open up again.

*Average house price data provided by Real Estate Alliance (REA) quarterly house price index.

Related Posts
3 easy way to get your mortgage into shape in 2020
16 Dec, 2019

No sweat: here’s the easy way to get your mortgage into shape in 2020

Hands up who’s already planning to sign up for a gym membership when January rolls around One last splurge over Christmas and then it’s New Year, new you Good luck, but be warned: the odds are not in your favour You’re fighting one of the most... [...]
Savings of €5,000 on your mortgage available to lockdown switchers with doddle mortgages
9 May, 2020

Savings of €5,000 available to lockdown switchers

As featured on – Irish Examiner, Extraie, Breaking News, Irish Tatler, RSPV live Savings of €5K available to lockdown switchers The average household can offset some of the financial impacts of Coivd-19 by saving €5,000 per annum in three... [...]
Save on your mortgage this year
31 Oct, 2019

Switch your mortgage now and start the New Year with real savings

January is the busiest time for mortgage enquiries, especially mortgage switching  After a month of spending and having time to establish new goals for family life and finances, we all start the New Year making resolutions  But why not start your... [...]