Recent data indicates that the average mortgage borrowed for home purchases in Ireland has risen significantly over the last decade, creating much larger financial implications for borrowers as property prices surge. Switching from a higher interest rate to the lowest can save approximately €611 monthly, totaling over €7,300 annually. Despite these potential savings, many homeowners hesitate to switch due to associated legal fees and the process's perceived complexity. Improved property values have also positioned some borrowers for attractive 'green mortgage' rates, further enhancing their savings potential.
New figures show that even a small reduction in mortgage interest rates translates into substantial savings for borrowers, especially those on higher rates.
The gap between the highest and lowest mortgage rates now stands at 3.15 percentage points, potentially saving borrowers over €7,000 annually.
Strong property price growth has improved loan-to-value (LTV) ratios, making many existing homeowners eligible for better 'green mortgage' rates.
Switching can save mortgage holders thousands of euro a year, yet high legal fees and effort deter many from making the change.
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