Mortgage lenders to tell switching customers about savings estimates under new Central Bank rules

Under the revised code, mortgage providers have to provide customers with a personalised saving estimate, in euros, alongside each alternative mortgage refinancing option

The Governor of the Central Bank of Ireland, Gabriel Makhlouf, said the revised Consumer Protection Code is about 'modernising' the code for the digital era. File picture 

Mortgage providers will have to provide switching customers with a personalised savings estimate alongside each refinancing option in order to ensure they understand if they are getting a good deal under new rules to be implemented by the Central Bank of Ireland.

On Monday, the Central Bank published its revised Consumer Protection Code which outlines a set of rules and business standards that regulated financial firms must follow when dealing with consumers. Gabriel Makhlouf, Governor of the Central Bank, said this revision is about “modernising” the code for the digital era.