THE NATIONAL CONSUMER Agency (NCA) said it would be seeking to meet the Irish Banking Federation about switching in the mortgage market.
The agency was commenting on the findings of research carried out for the NCA which found that that just 1 per cent of consumers reported changing their mortgage provider; AIB said yesterday it was “less inclined” to accept mortgage switchers and Bank of Ireland said it would accept applications from people who were not customers only if they were borrowing less than half the value of the home.
A spokeswoman for the NCA said that the agency was concerned and believed this indicated a tightening of the market which could cause consumer detriment.
The survey also found that one in five consumers have changed their mobile phone or car insurance provider, but overall switching is in decline. Consumer switching fell by 8 per cent in the past six months, and the only area where switching increased was electricity.
