8,000 mortgages were drawn down in the three months to the end of June to a total value of €1.65 billion.

Figures published this morning by the Banking and Payments Federation Ireland show draw downs are up 17.6% in volume terms and 28% in value terms compared to the second quarter of 2016.

675 of those loans represented borrowers who were re-mortgaging or switching.

That's up from 644 over the previous month.

At the peak of the market, though there were more than 5,000 people switching in any given quarter.

The slump in switching activity has led the Central Bank to open a public consultation. Among other things it wants the process to be easier.

Financial Advisor and founder of MoneyWhizz Frank Conway says a drop-off in competition in the Irish mortgage market has contributed to a lack of switching, but "there have also been been huge changes at consumer level.

"We've got 53,000 people in mortgage arrears ... well that kind of rules them out for a period of time. As well a lot of people have had huge changes in their income status, they may not qualify for a mortgage today.

"On top of that you've got a lot of people who are very concerned they don't have the equity in the property. Those are all the pillars to good switching markets. We don't have prices going up enough, a lot of people in negative equity, makes it very hard.

"Most people will work out they'll probably not qualify for that."

Mr Conway said a deterrant to switching is also the number of people on tracker mortgages who have no incentive to switch.

"There are over 300,000 people with a tracker mortgage in the market. Most of those people may be paying 1% on those - you're never going to beat that rate of interest.

"You're left then with people then who have standard variable rate mortgages or fixed mortgages and of those with standard variable rates many of those are probably ten years to go. They've worked on the maths thinking 'this probably isn't worth my while'."

The financial advisor says one of the biggest obstablces to switching mortgages in Ireland is the legal process involved.

"We have a fairly antequated system in Ireland when it comes to the registering of title deeds and where those title deeds are held, and the solicitor process around that, so that is complicated.

"But you've also got to bring in appraisers who have to value the property, in some cases the property value may be affected by pyrite for example.

"It's a long-term financial contract that involves solictors and ... that's not going away.

"The CCPC website perhaps could be maybe updated a little bit more to make it much easier to compare the market, truly compare the market."