Mortgage switching more than doubles as homeowners try to avoid ECB rate hikes

Mortgage switching has increased by 115.8% since this time last year, according to new data

Banking and Payments Federation Ireland chief executive Brian Hayes said the new record high set for the average homebuyer mortgage is also worth noting. Picture: Sam Boal/Rollingnews.ie

The number of homeowners switching mortgages has more than doubled, as customers seek better value in the wake of three interest rate hikes from the European Central Bank (ECB).

New data shows more than 5,000 people switched their mortgages in the three months to the end of September, a 115.8% increase on the 2,355 mortgages that were switched in the same period last year.