It’s being claimed that the average Wicklow homeowner is paying an average of €3,600 in extra mortgage repayments each year by not switching lenders.
The latest doddl Mortgage Switching Index has found the gap between the highest and lowest interest rates available on the market has now grown to 2.2%, the equivalent of €299 per month in terms of monthly repayments for the average three-bed semi-detached with a mortgage value of just under €256,000.
The lowest mortgage rate stands at 2.3% with the highest at 4.5%.
Managing Director of Doddl .ie Martina Hennessy, says current bank switching packages have removed the previous deterrent of cost in switching mortgages.
Mortgage switching transactions represented 14% of home loan lending by the end of 2019, up from 5% for the final three months of 2015.