Central Bank dismisses call for mortgage switching legislation

The Central Bank has dismissed calls for the introduction of formal switching legislation to make it easier for consumers to change their mortgage lender.

The bank’s head of consumer protection Bernard Sheridan yesterday formally launched recently-leaked additions to the consumer protection code making mortgage lenders’ terms more transparent.

As of next February, lenders will need to better explain to customers reasons for variable interest rate rises, the factors leading to the setting of rates and alternative options available at lower rates.