The Central Bank has been criticised for proposing “unnecessary” changes to regulations governing mortgage switching in Ireland. The regulator yesterday published proposals to help customers who are seeking to move their mortgage to another bank or mortgage type. Switching can help to reduce rates by encouraging greater interest rate competition between lenders. In a consultation paper, the Bank proposed measures to increase transparency on available mortgage interest rates, incentives offered by banks and potential savings. Bernard Sheridan, acting deputy governor, said that the Bank was proposing the introduction of statutory requirements to support consumers considering switching their mortgage, to ensure that such…

Source: The Times August 01, 2017 22:52 UTC