Experts at MyMortgages.ie have reported a flurry of activity in the mortgage switcher market since the beginning of the year.
The brokers forecast the switcher market alone will experience double digit growth in the first six months of the year, as an increasing number of mortgage holders learn of the option which could potentially save them anywhere in the region of €311 per month and €112,000 over the lifetime of an average €350,000 mortgage.
Joey Sheahan, head of credit at MyMortgages.ie believes a number of factors that have led to the influx in enquires they have experienced in the last two weeks.
“We have experienced a threefold increase in the volume of enquiries received since January 2 from mortgage holders all over the country wondering if they might be eligible to switch lender and avail of cheaper rates,” he said.
“We put this down to a number of factors. As a result of recent media reports, anecdotal evidence suggests that an increasing number of mortgage holders seem to now be aware of the fact that switching lenders to avail of a better rate might be a viable option for them.”
Experts at MyMortgages.ie predict that recent proposals put forward by Fianna Fail to ban bank incentives to switch will lead to an even greater level of activity as people try to “get in” before any such legislation is introduced.