On a 30 year mortgage for a 500k house (very modest by Dublin standards), the equity payments would be in excess of 9k per annum by year 4 at interest rate of 4.5%.
Now, assuming the mortgage was taken out at least 2 years ago when interest rates were only 2% and the standard margin was c.0.95%, over 10k in equity would be paid off in YEAR 1. The interest rate on the first day of the mortgage has a big impact on the equity repayments in early years. When interest rates were lower i.e. 2%, the equity is higher from day 1. Note also that when interest rates increase, the amount of equity paid back remains the same - the increase is only on the interest portion of the repayment. Someone taking the same amount in mortgage today when interest rates are higher pays less equity from day 1 - something to think about if deciding to cash in mortgage and rent and then get another mortgage.
In summary, someone who took out a 500k mortgage a couple of years ago when ECB interest rates were only 2% would be paying over 10k in equity in year 1 (10,526 to be exact) and even more in subsequent years.