New data shows surge in homeowners switching mortgages

For the first time, mortgage approvals exceeded €15bn over the past 12-month period. Picture: iStock

New figures from Irish banks show a surge in the level of mortgage switching as homeowners seek out reduced or fixed rates in the face of a series of expected rate hikes.

The Banking & Payments Federation Ireland (BPFI) said 5,544 mortgages were approved in August, a 5.5% increase on July. It was also a 21.3% increase on August 2021.