Q3 Irish Independent doddl.ie Mortgage Switching Index
Key points –
- More mortgage holders are switching – there was a 42% increase in volume and 51% increase in the value of mortgage switching year on year to end Q3.
- The ECB has increased rates which in turn has meant a number of the lenders in the Irish market have increased rate.
- Even though rates have increased there is still value across lenders.
- Those with lower loan to values, benefitting from property price inflation can secure lower loan to value rates and reduce their mortgage outgoing.
- For a borrower with the average mortgage of €364,064, this equates to a saving of €653 per month – or over €7,833 per year by switching from the highest to the lowest rate.
- If you are rolling out of fixed-rate mortgages you need to be aware that you may be rolling onto a higher rate and you need to do your research or seek market based advice from a broker such as doddl to achieve the lowest rate you possibly can get.
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Switching is now the fast-growing segment of the Irish mortgage market with volumes increasing by 42pc annually, the Irish Independent doddl.ie Mortgage Switching Index has found.
The value of switcher mortgage lending has increased by 51pc in the past year to a total of €694 million as activity soared in the third quarter of 2026, the index shows.
The switching surge is driven by the prospect of rising interest rates, awareness of potential savings and the option of using increased equity to secure better terms or release funds.
Mortgage holders are increasingly willing to act before rates change, rather than waiting until their repayments increase, according to Martina Hennessy, CEO of doddl.ie.
“We have seen a huge change in consumer behaviour. Switching is now the mainstream option for homeowners as they recognise the financial benefits of reviewing their mortgage,” she said.
“And the switching momentum shows no sign of slowing with the latest figures on approvals showing a very strong finish to the year.”
While the interest rate environment remains volatile, with a third ECB rate rise this year expected in December, competition remains strong allowing consumers to secure better deals.
Ireland remains a competitive market with latest figures showing mortgage rates are below the euro market average.
The Irish Independent doddl.ie Mortgage Switching Index shows the highest mortgage rates in the market at 6.15pc is now more than double the lowest at 3pc.
For a borrower with the average mortgage of €364,064, this equates to a saving of €653 per month – or over €7,833 per year by switching from the highest to the lowest rate.
“People rolling out of fixed-rate mortgages need to be aware that they are emerging into a very different environment, and it is time to safeguard their position,” said Ms Hennessy.
“They should begin to review their options well in advance of the end of a fixed-rate period to avoid unnecessary time spent on a higher variable rate.
“The majority of our customers are now straight switching to lock-in rates, whereas in previous indexes, 52pc would have been releasing equity.
“We are not in a time where rates will be going down over the next six months, but not all rates will be going up.
“There are 11 active lenders and each will have a stand out rate that they will be leading on to hold or build market share. Comparing rates across the market is really important and this is where the advice of brokers comes into its own.”
However, there remains a substantial knowledge gap that could be preventing homeowners from accessing lower mortgage rates, according to Ms Hennessy.
Recent surveying from PTSB shows that 47pc of mortgage holders are considering switching, but almost two thirds do not know their loan to value ratio.
“Average home values have increased by 23pc in the last three years, so the majority of homeowners rolling off fixed rates will now have a loan to value less than 80pc, opening up better deals and bigger savings,” said Ms Hennessy.
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