Mortgage Switches Rise Through Brokers

Xenio

Dec 30, 2025

The Rise of Mortgage Brokers in Ireland

In recent years, there has been a significant shift in how borrowers in Ireland engage with the mortgage market. A notable trend is that 60 per cent of mortgage switching now occurs through mortgage brokers, highlighting a growing reliance on these intermediaries.

According to the latest data from the Banking and Payments Federation of Ireland (BPFI), the value of mortgages originated through brokers has increased from 40 per cent of the total market in 2020 to 60 per cent today. Despite overall switching volumes remaining relatively low, this trend underscores the increasing importance of brokers in both new lending and mortgage switching activities.

Over the past 12 months, approximately €6 billion worth of mortgages were taken out via brokers, compared to €2.48 billion in 2019. This represents a substantial increase in the broker market share, which has risen steadily year on year—from 27 per cent in 2019 to 47 per cent by the end of 2025.

Martina Hennessy, chief executive of mortgage platform Doddl.ie, highlights that this shift reflects a structural change in the Irish mortgage market rather than a short-term trend. She notes that one of the key drivers of broker growth has been a shift in consumer behavior, with digitally savvy borrowers increasingly seeking out choice and value.

The broker channel is well positioned to deliver this through market-based advice rather than a single-product offering.
This shift to digital-first lenders through brokers is also generational, as younger borrowers are less likely to have a primary relationship with traditional retail banks.

Hennessy explains that younger borrowers often manage their finances digitally and do not have the same emotional or historic connection to their bank. They are more comfortable seeking impartial advice that provides access to a wide range of choices.

Brokers as a Critical Channel for Non-Bank Lenders

Some non-bank lenders use the broker channel as their only route to market. For example, recent entrants such as Nua Money & MoCo rely on brokers to provide advice, suitability assessment, and borrower support. This allows them to scale distribution efficiently.

These lenders are also increasingly serving borrower profiles that traditional banks struggle to accommodate, including:

Self-employed individuals
Those with variable or multiple income streams
Switchers seeking better value in a wide rate environment

A recent independent KPMG survey commissioned by Doddl.ie found that Dublin-based borrowers are the most likely to switch mortgage providers, while respondents in Connacht and Ulster showed lower switching propensity. Borrowers with mortgage balances over €300,000 were more inclined to switch, as were those aged 18 to 34, compared with borrowers aged 45 and over.

Hennessy notes that these findings align with what Doddl.ie is observing on the ground. In her business, there has been a 138 per cent uplift in the value of mortgage switching in 2025, with the majority of applicants residing in urban areas and holding mortgage balances above €250,000.

Consumer Frustrations and Improvements

The KPMG survey also identified key consumer frustrations, including lengthy approval times, complex or confusing paperwork, and the conveyancing process. While all three areas have improved in recent years, further simplification is needed.

Digital entrants have reduced friction by introducing digital processes around documentation.
Open Banking facilitates faster decisions.
A digital closing process is aiding the flow of documentation and information between bank and solicitor.

Approval decisions are increasingly made in days rather than weeks. However, despite increased potential savings and faster processing times, Ireland continues to show low switching activity, with switcher transactions this year expected to remain below 6,000.

Future Outlook for Mortgage Switching

The trend towards mortgage switching is expected to accelerate as digital-first lenders continue to enter the mortgage market. Fintechs such as Revolut are anticipated to launch mortgage offerings next year, providing more choice and further challenging traditional incumbents.

Hennessy emphasizes that an active switcher market creates rate discipline and attracts new entrants, which is critical for competition. With broker-only lenders and growing consumer demand for choice, the direction of travel is clear.