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New rulebook for lenders to follow.

UNDER new Central Bank rules lenders must:

Tell consumers of cheaper options at least 60 days before their fixed rate mortgage ends.

Tell them if they can switch to a cheaper mortgage rate based on how much equity they have in their home (usually below 80% and 50% cheaper rates are available).

If they are asked, they must give a comparison of the total mortgage costs compared with other mortgages available from the same bank, and provide a link to the Consumer Protection Commission website, which has a comparison tool for all mortgage products on the market.

Give customers all information needed to switch mortgages, including how long the process will take.

Lenders must make a decision within ten business days of receiving a completed mortgage application.

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Publication:The Mirror (London, England)
Date:Jun 21, 2018
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