Mortgage lenders urged to advise more on switching

Lenders have to do more when it comes to advising customers about switching their mortgage plans, the Central Bank has warned.

Research by the Central Bank has revealed that almost half of 2,000 mortgage holders surveyed believed it would be too complex to change their mortgage plans. More than a third who did change plans felt there was too much paperwork and red tape involved.

More than a third said that additional fees when switching mortgages with their lender put them off, while the majority said they would consider switching if they could be certain they would make a saving over the lifetime of the mortgage.