Joe Carey
Ceist:76. Deputy Joe Carey asked the Minister for Finance to facilitate mortgage holders in switching lenders with greater ease; and if he will make a statement on the matter. [12434/16]
Amharc ar fhreagraThursday, 26 May 2016
Ceisteanna (76)
Freagraí scríofa
The Programme for a Partnership Government provides that "We will take all necessary action to tackle high variable interest rates; including through establishing a new code of conduct for switching mortgage provider, administered by the Central Bank and the development of a new, easy-to-use standardised and dedicated switching form."
A Central Bank Economic Letter published last July suggested that 21% of existing PDH variable rate mortgage customers could save by switching their provider. In the present environment, where we are seeing lenders reduce rates and introduce offers specifically targeted at the switcher market, I have encouraged borrowers to contact their bank to see what is available to them in their circumstances or consider moving to another bank, where possible, if the offer is not satisfactory.
In this regard, the Competition and Consumer Protection Commission (CCPC) website, www.consumerhelp.ie, is a valuable source of information on the rates charged by various financial institutions. In addition, the CCPC have a mortgage switching tool on their website which should allow borrowers compare rates charged across institutions.
My officials will work with the Central Bank on the establishment of the new code of conduct for switching mortgage provider and to develop the dedicated switching form.