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 6 months of the year, as an increasing number of mortgage holders learn of the option which could potentially save them anywhere in he region of €311 per month and €112k over the lifetime(1) of an average €350k mortgage.
Joey Sheahan, head of Credit at MyMortgages.ie, believes a number of factors have led to the influx in enquires they have experience in the last two weeks.
“We have experienced a three-fold increase in the volume of enquiries received since January 2nd from mortgage holders all over the country wondering if they might be eligible to switch lender and avail of cheaper rates. We put this down to a number of factors.
“As a results 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 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 even greater level of activity as people try to “get in” before such legislation is introduced.
Source: Dublin Gazette 25/01/2018
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