Irish central bank announces new protections for mortgage borrowers
Variable-rate borrowers must be informed of cheaper alternatives
The Central Bank of Ireland announced an array of measures on July 21 to strengthen the rights of some housing loan borrowers. These apply to mortgages where the interest rate can be changed at the lender's discretion, known as variable rate.
Mortgage lenders will be obliged to publish a summary statement on their website of how they set rates for each of their variable loan packages. This statement will also be given to prospective borrowers.
In particular, the new rules state that if lenders
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