NEW FINDINGS from BIG BANK SWITCH POLL: OVER 40 PER CENT OF IRISH MORTGAGE HOLDERS HAVE WORKED LONGER & TAKEN FEWER HOLIDAYS TO PAY HIGH MORTGAGE COST

NEW FINDINGS from BIG BANK SWITCH POLL:

OVER 40 PER CENT OF IRISH MORTGAGE HOLDERS HAVE WORKED LONGER & TAKEN FEWER HOLIDAYS TO PAY HIGH MORTGAGE COST

The findings are in, over 7000 households have joined the Big Bank switch, and have been voicing their opinion about the sacrifices they are making in order to pay high mortgage costs.

The results have been astonishing, with over 40% of Irish households having worked longer and taken fewer holidays to pay high mortgage costs.

Members were asked to nominate “what sacrifices” they have made help meet the high cost of mortgage repayments in Ireland, the results:

• 18 % worked extra hours
• 25 % took “fewer” or “no” holidays
• 19 % socialized with their friends and family less

The results of the survey yet again point to the growing social, as well as financial costs, of the relatively high price Irish consumers are paying for their mortgage.

Recent Central Bank figures show that average interest rate for a new loan in Ireland is 3.38%, significantly higher than the European average of 2.02%.

Over the life of a mortgage, this Irish interest rate gap could cost many consumers ten’s of thousand of euros.

This survey confirms that consumers pay for that Irish interest rate gap with longer work hours, and less time for holidays and catching up with friends and family.

Our One Big Switch Co Founder, Oliver Tattan said today “this survey is a reminder of the real costs of high mortgage rates in Ireland. It’s not just pressure on the household budget, it’s also pressure on the family unit, because it means more time at work, and less time to spend with family and friends.”

“We launched the Big Bank Switch to promote competition in the mortgage market, because lower mortgage interest rates mean more money in the pockets of Irish families”.

If you want to help cut the Irish Interest rate gap, join the campaign for free at www.onebigswitch.ie. There is no obligation to take up any offers. Over 85,000 Irish households have already used the power of One Big Switch to unlock discounts on energy, health insurance, and broadband.