broken security light switch

Hi, I have an external bulkhead light with alow energy lamp in it which is operated by a forked metal key being pushed into the light switch and being raised or lowered. This switch is connected directly to my consumer unit which is located very closeby. Can i change the key operated switch for aregular one way light switch?
I have looked at wiring and there are two lives, two negatives and two earths creating the loop. the earths are just connected together, the switch however has four wiring connections which are all used, two positive, and two negative and clearly a one way switch will have only two.
should i simply connect the negatives together and have only the live running through the switch?
Thanks for you help and advice, first poisting on here, but I have frequently found my questions answered in previous posts.
Jason

You can change it for a switch no problems. Either get a double pole switch and re-connect as it is now, or get a standard 1 way light switch and switch only the reds, putting the neutrals in a terminal block on their own.

Is the light switched by a PIR or dawn/dusk sensor? Seems odd to be fed via secret key switch otherwise?

If the switch is a simple one gang, you can change it for a standard one gang.

If it has more gangs, or is metal clad, I would only change the actuall switch module, we would need to know the make to point you to a supplier. Could be MK, MEM, Crabtree...... They have changed over time aswell - post a pic!