Average Galway city homeowner needlessly pay €3,576 on their mortgage

The average Galway city homeowner is needlessly paying an average of €3,576 in extra mortgage repayments per year by not switching lenders, the latest doddl Mortgage Switching Index has found.

The spread between the highest and lowest interest rates available on the market has now grown to 2.2% or €298 per month in terms of monthly repayments for the average three-bed semi-detached mortgage in the county.

This gap between repayments on the lowest mortgage rate at 2.3% and the highest at 4.5% is now 27%, meaning that some homeowners are needlessly paying twice as much interest on their mortgage at a time when switching has become easier than ever.

The highest rate of repayment on the average 25 year mortgage is €1,413, while mortgage holders on the lowest rate are paying €1,115 per month.

The Index is based on a new lending 90% mortgage of €254,250 drawn down on the average three-bed semi-detached house value of €282,500 in Galway city.

The doddl Index looks at the total number of switcher transactions per quarter as a percentage of all home loan transactions, excluding Buy To Let mortgages, to give an accurate picture of principal private dwelling house credit.

Compiled by impartial mortgage switching experts doddl.ie, the Index highlights the differential between the lowest and highest non-discounted interest rates on the market – and the potential savings available.

For more, read this week’s Connacht Tribune.

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