Dáil Éireann Debate, Thursday - 12 November 2015
75. Deputy Michael McGrath asked the Minister for Finance the number of completed mortgage switches undertaken in the Irish market in each month in 2015 to date; and if he will make a statement on the matter. [39876/15]
View answerI am informed by the Central Bank that it does not publish information on the basis sought by the Deputy.
However, the Banking and Payments Federation Ireland (BPFI) publishes a quarterly report on the Irish Mortgage Market. The latest report covers the periods up to Q2 2015. It contains the following data in relation to re-mortgages which it defines as "a loan which is drawn down by one lender to refinance an existing mortgage with another lender. This may or may not include further equity release".
Q1 2015- 172
Q2 2015- 240
This report is available at http://www.bpfi.ie/wp-content/uploads/2015/08/BPFI-Mortgage-Market-Profile-Q2-2015-FINAL.pdf.
The BPFI estimates that the data in the report covers well in excess of 95% of the mortgage market.
I have said before that I would encourage borrowers to contact their bank to see what is available to them in their circumstances or consider moving to another bank if the offer is not satisfactory. I would also point out that lenders have put measures in place to attract new customers who might switch from existing lenders.
