Experts have indicated a developing two-tier mortgage market in Ireland, impacting non-bank borrowers significantly, with potential interest increases reaching 3.5% when fixed rates end.
Doddl.ie CEO Martina Hennessy noted a significant upward trend in mortgage interest rates for non-bank lenders, emphasizing that a potential 80,000 homeowners are facing rising payments.
The rising disparity in mortgage rates, as shown by a €7,200 annual payment difference, underscores the importance of homeowners actively considering rate switch opportunities.
The recent uptick in mortgage switching, with a 24% annual increase in approvals, signals a strong market reaction to decreasing rates, encouraging borrowers to shop around.
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