In Ireland, for example, previous research found that around three in five mortgages could save more than €1,000 over a year through refinancing, yet only 2.9% of mortgages switched lender in the second half of 2019.
The authors argue that this isn't necessarily because refinancing is too costly or complicated. Inattention, procrastination and inertia are major barriers.
The article was published on the CEPR's VOX EU column on Monday 7 September 2026. Dr Michael King wrote the article with Shane Byrne, Kenneth Devine, Yvonne McCarthy and Christopher Palmer.
Dr Michael King is an Assistant Professor in the Department of Economics at Trinity College Dublin; he is also a member of the Trinity IMpact Evaluation Research Centre (TIME).