Switching drives mortgage growth to record high, report shows

The rise in switching follows efforts by homeowners to minimise the impact of ECB interest rate hikes, introduced to try and stifle soaring inflation during 2022

In November, the value of mortgage approvals reached almost €1.5bn. Picture Denis Minihane.

Increased switching activity was the main driver of a record number of mortgage approvals last year, a new report shows.

The Banking and Payments Federation Ireland, or BPFI, published its latest Mortgage Approvals Report which found almost 55,000 mortgages to the value of €15bn were approved in the year to November 2022.