60 per cent of mortgage switching in Ireland now takes place through mortgage brokers, reflecting a sustained shift in how borrowers engage with the mortgage market.
Latest figures from the Banking and Payments Federation of Ireland (BPFI) show that the value of mortgages originated through brokers has grown from 40 per cent of the total market in 2020 to 60 per cent today, despite overall switching volumes remaining relatively low.
Over the last 12 months approximately €6bn worth of mortgages were taken out via a brokers versus €2.48bn in 2019.
The data also shows overall broker market share rising steadily year on year, from 27 per cent in 2019 to 47 per cent by the end of 2025, further underlining the growing role of brokers across both new lending and switching activity.
Martina Hennessy, chief executive of mortgage platform Doddl.ie, said the data points to a structural change in the Irish mortgage market rather than a short-term trend.
“One of the key drivers of broker growth has been a shift in consumer behaviour, with digitally savvy borrowers increasingly seeking out choice and value,” said Hennessy.
“The broker channel is well placed to deliver that through market-based advice rather than a single-product offerings.”
She says that the shift to digital-first lenders through brokers is also generational.
“Younger borrowers increasingly do not have a primary relationship with a traditional retail bank, managing their finances digitally rather than having a branch connection.
“They don’t have the same emotional or historic connection to their bank and are comfortable seeking impartial advice that gives them access to the full range of choices.”
Hennessy highlighted how some non-bank lenders use the broker channel as their only route to market.
“For non-bank lenders, including recent entrants Nua Money & MoCo, brokers are not an alternative channel – they are the channel. They rely on brokers to provide advice, suitability assessment and borrower support, allowing them to scale distribution efficiently.”
These lenders are also increasingly serving borrower profiles that traditional banks struggle to accommodate, including the self-employed, those with variable or multiple income streams, and 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.
According to Hennessy, these findings correlate closely with what Doddl.ie is seeing on the ground.
“In our own business we have seen a 138 per cent uplift in the value of mortgage switching in 2025, with the vast majority of applicants residing in urban areas and holding mortgage balances above €250,000,” she said.
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, Hennessy said further simplification is needed.
“Digital entrants have reduced friction by introducing digital processes around documentation. Open Banking facilitates faster decisions and 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.”
The mortgage interest rate gap has widened significantly, with the highest now more than double the lowest. Annual savings available from switching have increased by €3,570 per annum compared with 2020,
Despite increased potential savings and faster processing times, Ireland continues to show low switching activity with switcher transactions this year are expected to remain below 6,000.
The trend towards mortgage switching is expected to accelerate as digital-first lenders continue to enter the mortgage market, with fintechs such as Revolut expected to launch mortgage offerings next year, offering more choice and further challenging the incumbents.
“An active switcher market creates rate discipline and attracts new entrants, which is critical for competition,” Hennessy said.
“With broker-only lenders and growing consumer demand for choice, the direction of travel is clear, The broker channel will continue to expand into 2026 and beyond.”