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
|