Fianna Fáil Spokesperson on Finance, Michael McGrath TD, made the call after it was revealed in the Irish Independent on the amount people needlessly spending on mortgage interest.
He said: "Not enough is being done to encourage mortgage switching. Very often mortgage holders are put off switching their mortgage because of the perceived complexity in doing so.
-- Advertisement --
"Earlier this year it was established that over 100,000 customers in Bank of Ireland, AIB, Permanent TSB, and Ulster Bank, could move to a better rate. It is critical that the Government and the Central Bank make it easier for people to switch.
"The Central Bank need to put in place an enforceable code of conduct on mortgage switching which would oblige lenders to meet certain time limits when it comes to someone switching their mortgage. I have said for quite sometime the gimmicks like cash back offers should be removed from the market. These gimmicks only serve to muddy the water for customers. Customers are best served in the long run when lenders compete on mortgage rates."
