The Doddl Mortgage Switching Index 2026 has identified a number of key marketing insights.
Why you should review your mortgage rate regularly
Irish households are highly exposed to interest rate changes, with 9pc of outstanding mortgages either on variable rates or fixed for five years or less – loans that should be reviewed regularly, a mortgage expert has said.
The latest Irish Independent doddl.ie Mortgage Switching Index shows that while switching drawdowns have reached their second highest level since 2008, activity remains far below where it should be.
The CEO of doddl.ie insists that mortgage switching should become the default option when it makes financial sense, particularly when so many are on terms that make them more vulnerable to rate movements.
“The numbers switching are rising, but they are still nowhere near where they should be,” said Martina Hennessy, CEO of doddl.ie.
“When you are on a variable rate or a fixed term of five years or less, your mortgage will reset more frequently, leaving you exposed when rates change. That makes it far more important to review your rate regularly.”
“Switcher transactions in 2025 stood at 5,900, representing less than 1pc of all private residential mortgage accounts for principal dwellings in Ireland.”
“It will take both a mindset shift to make switching a more natural decision for homeowners along with continued industry improvements to make switching faster and more seamless,” she said.
Mortgage people are Switching mortgage
“When people feel confident switching, fewer households will continue to overpay by thousands of euro a year.”
As rates fall and competition intensified mortgage switching drawdowns reached almost €1.7bn in 2025. Switching volumes and values were up 33.9pc and 52pc respectively year on year.
Ms Hennessy said that there remains a belief among homeowners that mortgage switching is overly complex, despite significant improvements in recent years.
“There is a perception that mortgage switching is unduly difficult, however the reality is that reduced document requirements, faster credit decisions and cashback offers mean it is easier to switch than ever before,” she said.
However, she believes there is still more that can be done to encourage switching.
“While newer digital lenders can complete a mortgage switch in as little as 10 working days, the industry norm remains approximately six weeks, creating unnecessary delays for consumers.”
“We need to get to a point where the norm is measured in days, not weeks. This can be achieved if all parties work together using the technologies that are already available – including Open Banking to speed up documentation and credit assessment, desktop valuations where loan-to-value is low, and more widespread use of digital conveyancing.”
The new Consumer Protection Code 2025, which comes into effect in March, addresses one of the key issues that has historically delayed switching – the release of title deeds by an existing lender. Under the new rules, title deeds must now be released within 10 working days.
How much can I save by switching mortgage?
According to the Q4 2025 doddl.ie Mortgage Switching Index, the average mortgage drawdown for home purchase now stands at €352,112, meaning homeowners who switch could save €631 per month, or €7,575 per year.
Latest Central Bank figures show that the majority of mortgages in Ireland are either on variable rates or short-term fixed rates.
Of the 34pc of mortgages currently on variable rates, she noted that a substantial cohort remains on high standard variable rates of up to 5.15pc, even though banks are offering new business fixed rates from around 3pc.
While interest rates rose sharply between 2022 and 2024, they have fallen over the past 18 months, making now a critical time for homeowners to review their options.
Ms Hennessy also highlighted the opportunity created by rising property values.
“Homeowners who bought with a 10pc deposit as recently as 18 months ago may now qualify for lower sub-80pc loan-to-value mortgage rates, unlocking access to significantly cheaper borrowing,” she said.
“In the current market, the more informed mortgage holders are the big winners.”
More people switch with the help of a mortgage broker
The trend towards using brokers when switching has continued, with BPFI figures showing that 60pc of mortgage switching was completed via brokers in 2025, equating to just over €1bn. This reflects both the demand for market-based advice and the increase in switcher products from newer lenders, many of whom operate on a broker-only basis.
Top-up borrowing has also increased significantly, reflecting rising equity and greater homeowner confidence.
In 2025, 3,280 top-up drawdowns valued at €463m were completed – the highest level in 15 years. This includes top-ups on existing mortgages as well as mortgages on residential properties that were previously unmortgaged.
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