Last year of the people approved for a mortgage about half of those are first-time buyers. The slowing in the numbers approved for a home, comes as some lenders have already said they increasing their rates. (AIB, Bank of  Ireland, EBS, Haven and Permanent TSB). Around 775 homeowners need mortgages or are switching to another lender at any given time

If you want to buy a house, you have to pay the owner for the house and have to pay your bank for lending the money. Still more than 200,000 households repaying their mortgage on standard rates.

Homeowners should now consider their rates. But there is a risk for those on fixed rates. If they roll out of fixed-term contract in one or two years, the rates could be higher. The prospect of higher mortgage costs is prompting to switch from variable or short-term fixed rates in a bid to the expected increase.

If you decide to switch mortgage, you need a solicitor to take care of the processing, paperwork and liaising. The cost and workload is about half of what it is when you are buying a property.

Due the Lack of houses and the difficulties people are having saving for mortgage. The number of first time buyers is still below what it was at peak of the boom. Each bank has its own criteria for switching.

Although the bank won’t offer it upfront, you can switch at anytime even if you’ve received your cashback (you can switch your mortgage anytime, if you want even if your bank has already given you money).

Tabea Fickel was an intern at Irish Mortgage Brokers in 2022