Switch gains based on where you live

More than 10,000 householders in south county Dublin stand to gain the most by switching their mortgage – a colossal €33,000 in fact.

And the least lucrative county for switching is Leitrim where just

1,200 eligible homeowners live – the consolation being of course that property there costs a fraction of what Dubliners have to pay.

But even Leitrimites can save an impressive €8,000 each – €11m in all – which isn’t bad pay for a few hours’ work.

New analysis by moneysherpa.ie – the Irish personal finance website – shows we could save €198m across the country simply by shopping around and snapping up better mortgage deals.

‘Savings have reached record levels due to a combination of rising house prices and falling mortgage rates,’ said Mark Coan of MoneySherpa.ie

‘With higher house prices, mortgage-holders now have lower loan-to-values and can get lower rates,’ Mr Coan added.

According to the most recent data from the Central Bank of Ireland, standard variable rate mortgage holders are on a mortgage rate of 3.48%, despite fixed rates of 2.2% or less now being available.