Little compensation: Ulster Bank offers to pay €50,000 to mortgage holders who lost their homes after they were illegally switched off their tracker mortgage – TheLiberal.ie – Our News, Your Views

Little compensation: Ulster Bank offers to pay €50,000 to mortgage holders who lost their homes after they were illegally switched off their tracker mortgage




One of the countries leading banks Ulster Bank has once again come in for strong criticism after it was revealed that the bank illegally removed 3,500 homeowners from their tracker mortgages last year.

The scandal which has been brought before an Oireachtas committee today has also revealed that 15 people lost their homes as a result of the banking error.

During the hearing the bank have confirmed that the revised figure has now shown that 3,500 tracker mortgages customers were wrongly removed from their plan rather the original 2,000 estimate.

Although the bank say the number of people who lost their homes remains in the teens they have said they are willing to compensate those who had their home repossessed by offering them an initial goodwill payment of €50,000.

The bank also say others who have been subjected to higher mortgage repayments will also be compensated within the next year.

However many opposition TD’s in the Dail have criticised the banks blunder with many questioning the bank’s motives to remove customer from their tracker mortgage and for the banks prolonged investigation into rectifying​ the situation.

It is believed the blunder has led to many mortgage holders being plunged into arrears with up to 15 homeowners being unable to afford the repayments which ultimately resulted in them losing their home.

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