The Governor of the Central Bank has said as many as 15,000 mortgage holders could save if they switched their mortgage products.

Patrick Honohan has told the Oireachtas Finance Committee that even on current rates, before any bank lowers their variable rate, homeowners are paying more than they should be.

“There might be 15,000 people who could, if they had the time to get out and do the sums and go in and do it, they could save a four-figure sum in a year,” he said.

Mr Honohan said that even with the legal costs of switching there are savings to be made and it would have the added benefit of making the banks lower their rates.

“And I’m not blaming anybody, we all know we’re very inertial and we’re not sure what’s going to happen and it’s all the same with gas and electricity and all the rest of it

“If people were more ikey, then banks would be more on their toes and we might see the rates go down,” he added.