Irish mortgage holders who don't switch providers could face a bill of €6,100 in mortgage repayments, experts have warned.
According to the experts at doddl.ie, homeowners may be needlessly paying a record average of €6,100 in extra mortgage repayments a year by not switching lenders.They have urged mortgage holders coming to the end of their fixed rates to secure deals at below 4% or they could face shock repayment rises overnight.
The gap between the highest and lowest rate on the market is now 2.85% – representing the highest potential savings that the index has recorded of €508.81 per month, compared to €298.97 at the end of Q1. Over 90% of new mortgages are on fixed rates, the vast majority with durations of five years or less, leaving them highly exposed to extreme repayment increases.