How to tell if you are affected
Thousands of people may be entitled to a good-value tracker mortgage, but may not even be aware of this.
Q: Have the banks identified all the people wrongly denied a tracker?
A: Banks have still not come up with a comprehensive list of all those wrongly denied a tracker, at least not to the satisfaction of the Central Bank.
Q: Could I have been affected?
A: If you were offered a tracker when you took out your mortgage, but have since lost it, you may well have a case to get it returned to you. You will also be entitled to a refund of the overpaid amount and compensation, usually a percentage of the refund amount.
Q: How would I find out if I am entitled to a tracker?
A: Check out if your initial mortgage offered the tracker option. People often moved off trackers for a while because they fixed when European Central Bank rates rose, but were then denied a return to the tracker rate.
Dig out the original contract. Your solicitor may have it, if you cannot find it.
Alternatively, make a data request to your lender for a copy of the original contract.
Q: I got a tracker back, but at a very high rate. What can I do?
A: Some lenders are putting people back on trackers, but at margins so high they would be better off on a variable.
Take up this issue with the bank, and also the Central Bank. You could also engage financial adviser Padraic Kissane, who specialises in tracker-loss cases.