Customers are being advised they could be making savings on their monthly payments

Customers will have to be told if they can make savings on their mortgage under new Central Bank rules that come into effect today.

Banks will now have to give customers 60 days notice before their fixed term contract ends and give details of the new rate.

Those on variable rates will have to be told every year if they can move to a cheaper interest rate.

Daragh Cassidy from price comparison website Bonkers.ie explained: "It's [firstly] to make it easier for customers to switch mortgage by streamlining the process.

"[Secondly] it's to make it easier for customers to know when and if they should switch mortgages by improving the communications between banks."

He said that the potential savings differ depending on individual mortgages, but noted that someone with a €250,000 mortgage with a 4.3% standard variable rate could save around €250 a month by switching to the lowest rate on the market.