New rules to assist people in switching to a cheaper mortgage announced by Central Bank of Ireland.

Written 5 days ago by Emma Comerford


New rules to assist people in switching to a cheaper mortgage announced by Central Bank of Ireland.

To make it easier for you to switch your mortgage, the Central Bank of Ireland is introducing new measures that lenders will have to follow, including;

  • Tell you about cheaper options 60 days before you come out of a fixed rate mortgage
  • Tell you if you can switch to a cheaper mortgage based on how much equity is in your home
  • Give you a comparison of how much your mortgage costs versus other options offered by your lender if you ask for one
  • Give switchers all the information they need to switch, including how long it will take

Banks and mortgage provider have to put these measures in place by 1 January 2019. David Kinsella of Kinsella Financial discusses.