New Central Bank research shows that lenders could be doing more to facilitate consumers who are thinking about switching their mortgage to either another bank or to a different product.

The Central Bank research also reveals that borrowers who have switched their mortgages reported a "positive experience".

81% of those surveyed said they had understood what was going on at each stage of the process.

27% of mortgage holders who had switched also said they came across no obstacles when making the move.

However, 44% of mortgage holders said they felt the switching process would be too complex, while 38% also said that a reduction in the amount of required paperwork and documentation would improve the process.

37% of mortgage holders who took part in the survey and who had switched to a different mortgage product with the same lender said there were additional processing fees they had been unaware of.

Another 22% said that a lower cost process would encourage them to switch.

Consumers also said they would consider moving their mortgage provider or mortgage product if they could be certain that they would make a saving over the lifetime of the loan.

They also felt that a single point of contact or a dedicated switching team within a bank would encourage and assist with the mortgage switching process.

The Central Bank said it would share the information in the survey with all the country's mortgage lenders, adding that it will publish a consultation paper in the third quarter of this year proposing additional measures to help the switching process. 

Previous research by the Central Bank had showed that borrowers can save significant sums of money by switching their mortgage.

It said the latest research builds on its work to maintain a strong consumer protection framework for mortgage borrowers.

It also builds on new protections introduced by the Central Bank for variable rae mortgage holders aimed at enhanced transparency and greater consumer choice, it added.