Property & Mortgages

Tuesday 22 July 2014

Danske denies mortgage changes

Charlie Weston

Published 06/03/2014|02:30

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DANSKE Bank has denied amending the terms and conditions of some of its customers' mortgages without their consent.

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The bank is ending its retail operations here, with personal current accounts and deposit accounts being closed.

It is continuing to operate its mortgages and has insisted there is no change to the terms of these.

But mortgage holders with a specific type of home loan called an offset mortgage have accused the bank of unilaterally changing its terms and conditions.

An offset mortgage is where savings are used to "offset" the size of the mortgage consumers make repayments on.

But broker Padraic Kissane accused the bank of changing the terms and conditions.

He said he was speaking on behalf of a large number of Danske offset mortgage customers who had contacted him.

He has calculated that some consumers will lose between €40,000 and €50,000 over the course of their mortgage.

A spokeswoman for Danske insisted there was no change to the terms and conditions.

She said: "The withdrawal of accounts that currently form part of an offset portfolio does not involve any change to terms and conditions for the offset mortgage."

Irish Independent

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