Interest rates are rising and the cost of living is rising, so it’s worth considering whether switching your mortgage could save you money

During the era of record-low interest rates, mortgage holders rarely paid any attention to the switch, although central bank research in 2020 showed home loan holders could save €1,000 in just the first 12 months after a switch.

But that all changed this year as inflation squeezed disposable income, the European Central Bank (ECB) began raising interest rates for the first time in 11 years, and KBC and Ulster Bank prepared to leave Ireland in search of savings. According to the Banking and Payments Federation, the value of non-purchase mortgages (most of which came from a switch) was 441 million euros in July, up 148 percent from the same month last year.

https://www.independent.ie/business/personal-finance/property-mortgages/interest-rates-are-on-the-rise-and-living-costs-are-surging-so-it-is-worth-looking-at-whether-switching-your-mortgage-could-save-you-money-41956139.html Interest rates are rising and the cost of living is rising, so it’s worth considering whether switching your mortgage could save you money

Fry Electronics Team

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