Sunday 23 April 2017

Thousands of Ulster Bank mortgage holders 'blocked from returning to cheap trackers'

The issue is the subject of a long running Central Bank investigation
The issue is the subject of a long running Central Bank investigation
Donal O'Donovan

Donal O'Donovan

Around 2,000 Ulster Bank borrowers were wrongly blocked from returning to cheap tracker interest rates, and as many as 15 lost their homes.

That’s according to the chief executive of Ulster Bank Gerry Mallon, who is giving evidence today at the Oireachtas Finance Committee.

The bank is the latest to provide evidence to TDs and senators, including on the industry wide tracker mortgage scandal.

The issue is the subject of a long running Central Bank investigation.

Mr Mallon told the Finance Committee that his bank is still working to identify all of the customers affected.

Mr Mallon said he apologised to customers on behalf of the bank.

Ulster Bank boss Gerry Mallon
Ulster Bank boss Gerry Mallon

He said the final number of customers affected is thought to be around 2,000.

Of those 14 to 15 ended up losing their home, either as a direct result of the over charging of interest or due to other factors.

Customers will be written to before Christmas, Mr Mallon said, and will be moved to lower interest rates by the bank.

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