Banks and other mortgage lenders will have to be more proactive about telling customers about their options to switch their home-loans to ensure they benefit from better deals.
The Central Bank has updated up its rules around protecting consumers.
One of the requirements under the Consumer Protection Code 2025 will be that lenders will have to provide customers with a personalised saving estimate, in euro, for each mortgage refinancing option.
They already have to tell mortgage holders about cheaper options 60 days before they come to the end of a fixed rates.