With mortgage rates at an incredible high in the Irish market, the current highest mortgage rates are now double the lowest. Read more: Cost of living Ireland: Four groups of people that will qualify for scheme worth over €2,000
This provides a positive incentive for smart mortgage holders to seek out lower rates to reduce, what is for most, their largest financial commitment. This has resulted in a record 42pc gap between 25-year monthly repayments of €1,566 on the lowest rate and some householders on €2,217 at the highest end of the scale.
Martina said: “The expectation that disinflation would lead to rate decreases meant that many mortgage holders chose to hold on to variable rates in Q1 until rates dropped. The vast majority of Irish mortgage holders who do not have tracker rates, will see their rate influenced by the funding mix and pricing policy of the Irish lenders and not directly by the ECB.