Exits of Ulster and KBC from market see 'increase in mortgage switching'

More customers are actively shopping around

BPFI chief executive Brian Hayes: 'With consumers keenly aware of the rising cost of living, we encourage mortgage customers to review their rate type and level regularly and compare them with the other products available.' Picture: Paul Sherwood

Remortgaging and mortgage switching grew by 57% in the past year to €194m as mortgage approvals grew by 7.5% in February, new data shows.

This increase in switching activity showed the competitiveness of the mortgage market at the moment and indicated that customers are actively shopping around for better rates, according to the latest report by the Banking and Payments Federation Ireland (BPFI).