Mortgage borrowers are protected by code from cash-back incentives,  regulator insists  

Brokers have called on the Central Bank to investigate cashback mortgages that mislead first-time buyers

The Central Bank said that on products offering incentives, including cash-back mortgages, that the existing code 'contains an important transparency provision'

The Central Bank has reiterated its consumer protection code gives sufficient protection for consumers buying mortgages when banks offer cash-back incentives. 

Mortgage brokers and researchers have long suspected that banks are effectively distorting competition by misleading first-time buyers, in particular, by offering cash-back incentives that mask the huge costs borrowers will pay over the lifetime of their loans.