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    Mortgage holders leaving thousands of euro on the table by failing to switch home loan providers – CBI research

    Some mortgages could save more than €1000 in the first year and more than €10,000 over the remaining term of the loan.

    Mortgage holders are leaving thousands of euro on the table by failing to switch home loan providers, according to new research by the Central Bank of Ireland (CBI).

    Three in five eligible mortgages could save more than €1,000 in the first year after switching to a cheaper lender and more than €10,000 over the remaining term of the loan, the research found.

    Yet fewer than 3pc of borrowers switched providers in the second half of 2019, suggesting there are significant barriers to moving easily from one lender to another.

    The findings were published today in a new economic letter from the CBI that included a detailed review of switching activity in the Irish mortgage market.

    The report’s authors found that, although switching activity among private dwelling home (PDH) borrowers had increased, the number of mortgage switchers is still low relative to the pool of those eligible.

    They said the low appetite among borrowers to move to a cheaper mortgage persisted despite falling interest rates and policy initiatives designed to help switching.

    Instead, eligible borrowers tended to stay with their lenders, even though 72pc could save up to one-tenth of their annual repayment costs if they moved to a cheaper provider.

    The researchers found that first-time buyers and those with mortgages dating from the peak years of the housing bubble were the least likely to take advantage of better deals. They suggested that low levels of financial literacy and education could be factors behind the inertia.

    Irish banks have on average some of the highest mortgage interest rates in the eurozone, although prices have been falling in line with loose monetary policy from the European Central Bank.

    The research classified an eligible borrower as someone with a performing mortgage and no arrears on a variable rate mortgage or a fixed rate product with less than 12 months remaining on the term. The outstanding balance had to be at least €30,000 and the loan-to-value ratio below 90pc.

    News by independent.ie, edited by Dowling Financial.

    Photo by Austin Distel on Unsplash

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    • Fianna Fáil may have just pressed the pause button on the property market

      The party’s new SSIA may cause a significant number of housebuyers to put their plans on hold for an unspecified period The man who is […]

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    • Court approves debt for equity swap insolvency arrangement

      Decision is first to be approved by High Court involving a debt for equity swap The High Court has approved a personal insolvency arrangement (PIA) for a […]

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    • Record €60m debt write-off for former quarry operator gets High Court approval

      A former quarry operator has had a €60m debt write-off approved by the High Court – the largest ever under personal insolvency legislation. Enda Patrick […]

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    • State-backed mortgage scheme hikes interest rates steeply despite bank cuts

      The interest rate on the Government’s Rebuilding Ireland Home Loan product has been increased massively. Rates have shot up by up to 0.75pc at a […]

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    • Home truths: Big time housing promises without taxes are hollow

      What can you get for €16bn these days? Well €16bn is the total amount estimated that Irish people will spend online this year. The Consumer […]

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    • One in 10 mortgage arrears cases involve separated borrowers – BPFI

      Banking lobby group calls for State to introduce measures to help separated borrowers. About one in 10 mortgage arrears cases involve borrowers who are separated, […]

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    • In your pocket: Switching mortgage can bring major savings

      Rates are falling and lenders are keen to offer better deals – it’s easier than you think. Up to 160,000 Irish families are out of […]

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    • Mortgage interest rates dip but remain more than double euro-zone average

      Central Bank statistics show weighted average interest rates on new mortgages was 2.9% in November. Interest rates on mortgages taken by Irish consumers were lower […]

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    • New buyers pay €2,000 a year more than rest of eurozone

      RIP-OFF mortgage rates in this country are costing new home buyers €2,000 a year more than our European neighbours. New figures from the Central Bank […]

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    • Pensions deliver decade-best growth of 20.6% in 2019

      Zurich Life tops peers as funds recover from calamitous end to 2018. Irish pension funds delivered bumper returns in 2019, making it the best year for investment returns in […]

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    • Another year of dysfunction ahead for Ireland’s property market

      Looming general election and UK-EU trade talks add to uncertainty for developers. With the new year now a week old and a raft of predictions […]

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    • Responsible Homeowners Betrayed

        Thousands of responsible homeowners have been betrayed by the sale of their mortgages by PTSB into a bond fund which will be serviced by […]

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    • Revealed: Ireland’s most expensive streets and their €2m plus homes

      Daily growth of €15m in value of housing stock fuelled by new supply rather than increasing prices, writes Wayne O’Connor A leafy Dublin street sandwiched […]

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    • Value of residential property in Ireland up by 5.3bn euro in last 12 months

      SEVEN HUNDRED AND fifteen properties worth €1 million or more have been sold in Ireland so far this year, according to the latest Wealth Report from […]

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