Wednesday, 30 January 2019

Ceisteanna (100)

Michael McGrath

Ceist:

100. Deputy Michael McGrath asked the Minister for Finance the number of mortgage switches that have taken place in each year since 2000; the number as a percentage of the overall number of existing mortgages; and if he will make a statement on the matter. [4650/19]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Finance)

Data provided by the Central Bank of Ireland indicates that switching (defined as loans issued by one lender to refinance an existing mortgage with another lender) of credit institution PDH mortgages for each year since 2003 (data is not readily available prior to that point and the data also includes a certain estimation for the period prior to 2010) is as set out in the table.

As the Deputy will note from the table, the level of mortgage switching peaked in 2006 when approximately 27,000 mortgages switched provider. Over the period 2009 to 2014 switching decreased significantly, reflecting subdued lending activity in the overall Irish market at that time. From 2015 onwards, the number and value of switcher loans has increased and in 2017 a little over 3,000 mortgages switched provider.

Year

No. of switcher mortgages

Switcher mortgages as a % of outstanding credit institution PDH credit

2003

14,247

4.0

2004

18,121

4.9

2005

25,944

7.1

2006

26,565

7.0

2007

25,937

6.7

2008

21,374

4.9

2009

5,774

1.0

2010

2,722

0.4

2011

1,137

0.2

2012

455

0.1

2013

292

0.1

2014

503

0.1

2015

1,433

0.4

2016

2,438

0.6

2017

3,070

0.8