Switch and Save in the Irish Mortgage Market?

Kenneth Devine, Sarah Frost and Rory McElligott
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Sarah Frost: Central Bank of Ireland
Rory McElligott: Central Bank of Ireland

No 08/EL/15, Economic Letters from Central Bank of Ireland

Abstract: This letter examines the opportunities that exist for mortgage holders to switch between lenders. The sample of loans examined incorporates all mortgages for Principal Dwelling Homes (PDH) at the three Irish headquartered banks. We show that 21 per cent of loans studied have the potential to make savings. Despite this, switching activity is currently exceptionally low - this may be explained by a number of factors, primarily the non-financial costs of switching. Greater transparency surrounding mortgage products and the switching process would be welcome in the Irish mortgage market.

Date: 2015-07
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