While there are 41% of accounts that are on tracker mortgage interest rates and are unlikely to be able to make savings, a sizeable majority of other borrowers could, either by switching products with their existing provider or by switching provider. The Central Bank conducted research on switching in Ireland in 201736.
The research showed that many consumers in Ireland have not considered switching their mortgage unless they are moving home and that many are concerned that the process is too difficult and complex – notwithstanding that they have been through the process at least once before in taking out their mortgage in the first place.