Variable Rate Mortgage Holders Given Further Protection

On 21 July 2016, the Central Bank announced that holders of variable rate mortgages will be granted further protections from 1 February 2017.

The new protections will benefit personal consumers (i.e. individuals acting outside their trade, business or profession) in relation to variable rate mortgages (excluding tracker mortgages) ("relevant borrowers").

Regulated lenders (banks and retail credit firms) will be required to prepare a summary statement (the "Statement") of their policy on setting variable mortgage rates, provide additional information to relevant borrowers in their statements of account, and provide additional information to relevant borrowers when variable mortgage rates change.