MyHome.ie Blog
  • MyHome Living
  • News
  • RetroFit Hub
  • Buyers Advice Hub
  • Selling
  • Renting
  • Mortgages
  • Property Report
MyHome.ie Blog
  • MyHome Living
  • News
  • RetroFit Hub
  • Buyers Advice Hub
  • Selling
  • Renting
    • Mortgage Learning Center
    • Calculators
    • Best Mortgage Table
  • Property Report
    • All Properties
    • Houses For Sale
    • Apartments For Sale
    • Available To View
    • Overseas Holiday Homes
      • Properties For Auction
      • Upcoming Auctions
      • BER Assessors
      • Property Conveyancing Solicitors
      • Pre-Purchase Surveyors
    • Find Agents
    • All Properties
    • Houses To Rent
    • Apartments To Rent
    • Available To View
    • Share
      • Irish Holiday Homes
      • Overseas Holiday Homes
  • New Homes
    • For Sale
    • To Rent
    • Auction
      • Residential Land
      • Commercial Land
      • Farm Land
      • Farms
      • Sites
    • MyHome Living
    • Buyer Advice Hub
    • Property Report
    • Property Price Register
    • Price Changes
  • Mortgages
    • Rental
    • Holiday Homes
    • Commercial
    • Sharing
Advertisement
  • Home
  • Uncategorized
  • One in five homeowners could save by switching mortgage providers
Uncategorized
Jul 17, 2015 - 14:27

One in five homeowners could save by switching mortgage providers

MyHome.ie
By MyHome.ie
Share this article
Facebook Share Twitter Share Linkedin Share Email Share Whatsapp Share
One in five homeowners could save by switching mortgage providers

One in five homeowners could save money by switching mortgage lenders, according to the Central Bank.
An analysis of more than 500,000 mortgages - in a Central Bank Economic Letter - found that in some cases, switching could produce savings of over €10,000 over the lifetime of the loan.
While this applies to 26,000 mortgages holders, half of those with mortgages cannot find a cheaper rate, mainly because they are on a tracker.
Some mortgage holders could be €1,000 better off in the first 12 months, while others could see a claw back of more than €10,000 over the lifetime of the loan, the bank said
A third of homeowners could make savings by switching, but are not in a position to do so because of arrears or high loan to value ratios.
Currently just 38 homeowners a month are switching at the five main banks.
The Central Bank has said greater transparency on mortgage products and the options to switch would help, and that the potential for savings may present opportunities for new entrants to the Irish market.
Minister for Finance Michael Noonan urged mortgage holders to investigate savings they could make by switching to another lending institution.
He said there were quite significant savings to be made if people switched from a variable mortgage to a fixed rate mortgage in another institution.
He said it was clear they were coming to the bottom of the interest rate cycle, with both Janet Yellen of the US Federal Reserve and Mark Carney of Bank of Ireland indicating interest rates could rise in the autumn.
He said mortgage holders could secure a bigger saving if they were to fix their mortgages at the bottom of the cycle before rates start to rise again.
Mr Noonan said he would be meeting the banks again to discuss mortgage rates in September when department officials have evaluated the options.
He welcomed the Central Bank report on the issue as a useful piece of work.
Check out the rates on offer from banks at present by visiting www.myhome.ie/mortgages

  • Have you considered switching?
  • Do you feel there is enough competition in the market at present?
  • Are you struggling with your existing payments?

Have your say below…

Advertisement

Subscribe to our weekly MyHome Living eZine today

Processing your request...

You are subscribed now!

<

  • Tags
  • Bank of Ireland
  • Central Bank
  • Friday Feedback
  • homeowners
  • Interest rate
  • Janet Yellen
  • lenders
  • Mark Carney
  • Michael Noonan
  • Minister for Finance
  • mortgage
  • MyHome
  • MyHome.ie
MyHome.ie
By MyHome.ie
Share this article
Facebook Share Twitter Share Linkedin Share Email Share Whatsapp Share

Helpful Links

Find your home on MyHome
Read more Articles
Calculate what you can afford to borrow
Welcome to the Retrofit Hub
Advertisement
Advertisement

Related News

What is a Heat Pump?
Uncategorized

What is a Heat Pump?

Feb 27, 2025
Living Cities Initiative
Uncategorized

Living Cities Initiative

Jan 14, 2025
Digital Services Act
Uncategorized

Digital Services Act

Mar 31, 2024
Avant Money and Finance Ireland announce new rates
Uncategorized

Avant Money and Finance Ireland announce new rates

Dec 09, 2021
Average deposit of first-time buyer was €52,000 in first half of the year
Uncategorized

Average deposit of first-time buyer was €52,000 in first half of the year

Dec 07, 2021
Frequent And Popular Searches
MyHome.ie Blog
Help
Jobs
About
Equality Guidelines
Brand Safety
Contact
Terms & Conditions
Cookie Policy
Privacy Policy
Digital Services Act
Sitemap
© Copyright MyHome.ie 2025
Advertisement