Introduction of additional consumer protection measures for variable rate mortgage holders The effective date was 1 February. Statement of factors impacting on the rate Lenders will be required to produce and publish a summary statement of their policy for setting each variable interest rate that must include the factors that impact on the calculation of their variable rate and their criteria and procedures applicable to the setting of rates. If the lender applies a different approach to setting the variable interest rate for different cohorts of borrowers the summary statement must state that and must give the reasons for the different approach. This summary statement will be provided to borrowers when they are offered a variable rate mortgage and also made available on the lender’s website on an on-going basis. Lenders will be required to notify affected borrowers of changes to the statement and make available an updated summary statement on their website. Information about other mortgage options Lenders will be required to notify variable rate borrowers of alternative mortgage options that could provide savings for the borrower, both on an annual basis and also when notifying borrowers of an increase in the variable interest rate. This will include details of where the borrower can get more information and a link to the relevant section of the website of the Competition and Consumer Protection Commission (www.consumerhelp.ie) in order to assist consumers wishing to switch mortgage providers. Statement of reasons for an interest rate increase Where there is an increase in a variable interest rate, lenders will be required to include the reason for the rate increase in the notification provided to variable rate borrowers. The reason will tie in with and make specific reference to the lender’s variable rate policy statement.