Banks told to improve communication around mortgage switching

Homeowners far more likely to switch to a lower mortgage rate when information is clearer

Homeowners who switched rates saved an average of €1,209 in the first 12 months alone. Picture: Jason Alden/Bloomberg

The Central Bank of Ireland (CBI) has told the country's main banks to better communicate mortgage refinancing options to their customers.

It follows a study by the CBI which has found there was a 76% increase in homeowners moving their mortgage to a lower rate when they were shown the savings they could make and a clear pathway for the next steps in changing their mortgage interest rate. Of those who switched their mortgage rate, the homeowners saved an average of €1,209 in the first 12 months alone.