Frank O’Rourke TD has welcomed the introduction of new rules by the Central Bank which will make it easier for mortgage holders to switch banks.
Frank said, “I have made repeated calls for a fairer mortgage market in Ireland. Irish variable mortgage rates are nearly double than of the EU average. The rest of Europe is paying interest of around 1.8% – while Irish customers are paying an average of 3.2% ”
“Under new central bank rules, Banks will have to tell customers if they can make savings on their mortgages. Recent research has established that approximately one-in-five homeowners could save money by switching to a better interest rate.”
“I am hoping that the new central bank rules in relation to mortgage switching will bring increased competitiveness to the market, with better rate offers from banks who will not want customers to switch to another lender.”