Bank plan could save thousands on mortgages

Homeowners could save tens of thousands of euro if new Central Bank proposals on switching mortgages are implemented, according to financial experts.

The Central Bank has put forward proposals that would make lenders co-operate with each other if a mortgage holder wanted to switch, as well as making it easier for people to compare their existing mortgage to other mortgage options.

The proposals, which are out for public consultation until November 1, also reference providing consumers with standardised switching information.