Homeowners paying extra on mortgages by not switching lenders

The Index is based on the average mortgage drawn down for new lending in both the first-time buyer and second-hand mover markets, currently €253,759.

Homeowners are paying more than €4,000 in extra mortgage repayments per year by not switching lenders, research has revealed.

The gap between the highest and lowest rates on the market is now at a five-year record.