CHANGES THAT WILL seek to make it easier, faster and more transparent to switch mortgages take effect tomorrow.

They form part of a raft of measures under the Central Bank’s revised Consumer Protection Code, which enforces a range of customer rights.

This new code will now require banks to issue detailed information about mortgage switching, including the requirements, associated costs and cost of credit, so that consumers can make informed decisions and comparisons between lenders.

If you have a mortgage, your lender is now obliged to show how much money you could save by switching to a cheaper mortgage.

It must also provide your title deeds within 10 working days of the request, and send you reminders about cheaper options for switching.

According to SYS Mortgages, which has over 30 years’ experience in the market, households could save €9,600 over four years if you avail of switching.

However, switching is not without cost as it would still require typical expenses of around €2,000, as per guidance from SYS Mortgages.

This is because anyone with a mortgage would still need to go through a legal process involving a solicitor and complete the necessary paperwork before completing the switch.

To try and ease this practical, financial barrier, borrowers are advised to look for lenders who offer simplified switching processes.

As an example, this could involves incentives that cover legal fees and valuation costs facing a household trying to make a change.

The broader revisions to the Consumer Protection Code also see the Central Bank trying to protect their customers from fraud and scams under new consumer protections measures to be introduced next year by the Central Bank.

The regulator has also revised its definition of vulnerable customers, to include a more fluid description of who and when clients are considered at risk or vulnerable. This will require lenders to be more attentive and engaged with that cohort.