Changes are being made to the Consumer Protection Code by the Central Bank
The Central Bank is to make it easier for people to switch their mortgage.
It is introducing changes to the 2012 Consumer Protection Code, to help consumers make savings on their mortgage repayments, provide additional protections to those eligible to switch, and facilitate mortgage switching through enhancing the transparency of the mortgage framework.
It will also see standardised mortgage switching information for consumers.
The changes follow a public consultation process.
They also build on existing protections already in place for mortgage borrowers introduced for variable rate mortgage holders in 2016.
The new measures take effect from January 1st 2019.
The changes follow research by the Central Bank from 2015 which found that, based on the analysis of over 500,000 mortgages, up to 21% of borrowers could save money by switching.
Of those mortgages that could save money, some 16,000 could save over €1,000 in the first 12 months - and around 27,000 have the potential to save more than €10,000 over the lifetime of the mortgage.
It said consumer research conducted last year showed the need for "greater transparency in information for consumers", which would clearly inform them about the potential savings they could make by switching - and the switching process itself.
Six sets of changes are being made:
Gráinne McEvoy, director of consumer protection, said: "The consumer protection rules we are announcing today are focused on assisting consumers with lowering their mortgage repayments, where possible.
"Our research has shown that one in five mortgage holders could save money by switching their mortgage, and that significant numbers can make substantial savings.
"While information to help consumers compare mortgage rates is widely available, including the CCPC’s online mortgage comparison tool, our research also shows that some of the reasons people don’t switch their mortgage is because they don’t realise how much money they could save and also find it difficult to compare mortgages.
"These changes are aimed at making it easier for consumers to obtain this key information so that they are able to easily identify whether they are able to make savings by switching their mortgage, and make the process quicker and easier to complete if they do decide to switch."