At least 15 homeowners, who were customers with Ulster Bank, had their homes seized when they failed to make repayments due to being switched, incorrectly, off their Tracker Mortgage Rates.
RTE News reports that Ulster Bank will tell the Oireachtas Finance Committee today of the details and that the actual number of customers who have lost their homes is yet to be finalised.
Some 3,500 Ulster Bank customers have been moved off their tracker rates. Tracker Mortgages accounted for almost two-thirds of Ulster Bank’s portfolio of loans as of June 2017, according to a report from the Irish Examiner.
Ulster Bank is reported to have already paid redress and compensation to 1,000 customers and aims to increase that number to 2,500 by the end of the first quarter of this year.
Speaking ahead of the Finance Committee sitting, chairperson John McGuinness TD said that “the Committee is keen to learn how and why the bank denied customers a tracker mortgage product or over-charged other customers resulting in unnecessary financial hardship for so many.”
The wrongful move of customers off Tracker Mortgages has caused significant distress and difficulty for thousands of homeowners around Ireland over the past number of years.
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