Currently the lowest mortgage rate on the market is a standard variable rate of 2.25% while the highest is 7.75% on a five-year fixed deal.Monthly repayments on a 25-year €240,000 mortgage at 2.25% are €1046.71 per month while a person on a rate of 7.75%, on the same terms, would pay €1,812.79.

This equates to a difference of just over €766 a month or over €9,000 a year.

The fall in competition among lenders has resulted is a significant disparity in the various costs lenders now charge. For borrowers, choosing the wrong mortgage product can have significant financial implications.  Now, more than ever, is the time to speak to a mortgage broker rather than calling to individual institutions. A broker will know all the market rates on offer and be able to advise on the lowest rate you will be able to obtain.

For many lenders, first- time buyers continue to be a top priority. Loan to values of 92% are still available and one-year fixed interest rates as low as 2.35% are on offer.

For investors, it is still possible to secure funding but at significantly higher rates than for residential properties. The average standard variable rate for residential properties costs 3.04% while for investors, the average standard variable rate costs 4.37%.