It’s bizarre but true. A recent study by the Central Bank showed that the majority of borrowers stood to really gain in payment savings and interest payments by switching their mortgage and yet only a tiny fraction actaully do it.
Who do you know that would walk by a free €10,000? Nobody right? Yet you do, it may even be you, because if you pay a bank thousands more than you ought to because you aren’t willing to take the time to do some paperwork and switch your loan that’s precisely what happens!
Here are the main findings (verbatim) from the Central Bank:
- Three in every five eligible mortgages stand to save over €1,000 within the first year if they switch mortgage provider, and more than €10,000 over the remaining term.
- Just 2.9% of mortgages switched provider in the second half of 2019.
- A diverse range of factors may inhibit switching, including psychological factors, lack of knowledge on the costs and benefits, and the perceived complexity.
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