Mortgage holders were urged to examine their payments today amid estimates that people are overpaying by around €119 million a year.
The EBS Building Society urged mortgage holders to review their current mortgage payments to ensure they have the best deal possible.
Dara Deering, head of EBS Mortgages, said mortgage holders in Ireland are paying around €119 million per annum more than they should.
"This situation has arisen where home owners have signed up with a provider who has not passed on the benefits of new and improved rates and products to their existing members or where people have simply signed up for an APR that is not the most competitive in the market," she said.
The society urged mortgage holders to switch providers if they believe they could pay less with another provider.
Ms Deering said: "We are encouraging mortgage holders to check their monthly repayments and to then commit just an hour of their time to call other mortgage providers to get alternative quotes. The chances are that there is a better deal out there for them."
Figures from the society show on an average loan size of €200,000 and a 20-year loan term, home-owners changing from a standard variable rate of 3.75 per cent down to one of 3.5 per cent can make monthly savings of €25.86 and annual savings of €310.32.
PA