People are being urged to switch their mortgage before rates rise further
About 87% of mortgage holders could save money each month by simply switching their mortgage but new data shows just 1% will actually make the switch this year - despite record low interest rates that are set to keep rising.
A recent study by DaftMortgages.ie found 87% of mortgage holders could immediately save an average of €90 per month on their repayments by switching now.Furthermore, a whopping 96% of mortgage holders would save over the next few years by locking in current fixed mortgage rates rather than being exposed to rising variable rates. On average they will save €8,922 over 4 years on a new fixed rate. This is based on mortgage interest rates rising 2% in the coming years compared to mid 2022.
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