mortgage arrears

Mortgage switching up 39pc in March, according to brokers.


More Irish people than ever are switching mortgage providers as competition in the market hots up and homeowners price in interest rate rises.


Online mortgage brokers said there had been a 39pc boost in their own levels of switching activity between March 2021 and March 2022.

The figures are similar to recent data by the Banking and Payments Federation of Ireland, which showed switching volumes jumping 42pc year-on-year in February.

Consumers are increasingly shopping around as KBC and Ulster Bank prepare to exit the Irish market and new firms enter the country, said.

Last year, lender ICS Mortgages cut rates by up to 0.50pc on its variable and fixed-rate mortgages, becoming the second lender – after Avant Money – to offer rates below 2pc, while Haven Mortgages last year introduced a green rate of 2pc.

Experts at said they expect the volume of switching activity to ramp up even further as KBC and Ulster Bank leave the market, competition heats up and homeowners predict possible rate rises from the European Central Bank. experts have seen steady increase in tracker mortgage holders enquiring about long-term fixed rates in recent months as fears growth that the ECB will raise rates as soon as this winter. The last tracker rates issued were in 2008.

“No-one knows when the ECB will increase their rates but the general consensus is that rises are on the horizon – we might well see two or three between this year and next,” said Joey Sheahan, head of credit at and Author of the Mortgage Coach,

“Although we always advise consumers to review their mortgage every 3 years or so, mortgage holders are more in tune with their finances than ever before. This is perhaps a positive consequence of the pandemic in that people have had more time to look at their financial position, whether it be through necessity or desire.”

The news comes as a survey by MyHome revealed nearly nine in 10 homebuyers say the next year will be a bad time to buy property due to rising prices.

Just 12pc of respondents agreed that the next 12 months will be a good time to buy, with about three-quarters expressing worry about the state of the property market in general.

Whether you are  looking to switch lender  currently, a first time buyer or  moving home, should you have any concerns about the issues raised in this article,  or investing in a buy-to-let property, why not chat to a Seaspray Mortgage adviser today about finding the mortgage that’s right for you:

tel.+353 1 7070 000     or email


Seaspray Financial Services Ltd trading as Seaspray Private and Seaspray Mortgages is regulated by the Central Bank of Ireland with registered number C165527


This content is taken from a previous article published by on 11-04-22,written by


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