Sharp rise in switching activity leads to mortgage approval growth, new report shows

The value of mortgage approvals rose by 23% year-on-year, the report found.

Analysis from the Central Bank showed that the value of mortgages renegotiated on fixed-rate terms more than trebled between Q3 last year the same period this year to €1.7bn.

A sharp rise in switching activity has led to growth in mortgage approvals, a new report showed.

The increase in switching follows decisions by the remaining retail banks in the Republic to raise rates for fixed mortgages after the ECB increased interest rates three times this year, with further hikes planned.