CCPC advice helps consumers judge mortgage offers, but potentially serious misunderstandings remain1. ESRI Research Bulletin January 2020/02

Although many mortgage-holders stand to make substantial savings by refinancing or “switching” their mortgage, very few do so. In collaboration with the Competition and Consumer Protection Commission (CCPC), the ESRI’s Behavioural Research Unit undertook a controlled behavioural experiment with a sample of mortgage-holders. The experiment was designed to test whether reading independent advice on how to evaluate mortgages and navigate the switching process can help consumers to make better choices. The study also assessed how well mortgage-holders understand the basic features of mortgages