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What is Tracker Mortgage Compensation and Who Has Been Notified?

Tracker mortgage compensation is to review and investigation and lenders have started writing to their customers informing them of the mistake. Visit here: https://bit.ly/2FvUWxY

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What is Tracker Mortgage Compensation and Who Has Been Notified?

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  1. What is Tracker Mortgage Compensation and Who Has Been Notified?

  2. Business and commercial conditions for interest are always kept on changing by Banks. Over a number of years these overcharges are impacting compound interest. Tracker mortgage compensation is to review and investigation, lenders have started writing to their customers informing them of the mistake, advising them of the adjustment to the rate applied on their mortgage, and indicating how much they will be reimbursed. But it’s important to remember not everyone has yet been notified.

  3. Similarly Tracker mortgage compensation has commenced contacting impacted customers, but its review is “still in progress”; while Ulster Bank says it has not yet contacted everyone So, there is still potentially a significant number of people who are likely to hear from their lender over the coming weeks and months. If you suspect you were overcharged, you may be anxious to find out how much you will be due back. However it’s not an easy calculation. On personal finance advice website Tracker mortgage compensation burgess has some useful calculators that might help. He gives the example of someone with a €100,000 mortgage over 20 years at an interest rate of 5 per cent. As the correct rate on the mortgage should have been 4 per cent, the person should be due a refund cheque of some €12,036.

  4. But in addition to the amount people are owed, calculated as the differential in interest between the rate that should have been applied and the rate that was, mortgage account holders are also being offered compensation, but this differs from bank to bank. Ulster Bank declined to indicate how much it is offering, but it is understood that Permanent TSB is offering 10 per cent, while AIB is offering up to 15 per cent on home loans, and 7.5 per cent on buy-to-let mortgages. Those affected are also being offered a fee towards the cost of professional advice. This means that if you are owed €30,000 from PTSB for example, you could stand to gain an additional €3,000 in compensation.

  5. However, Tracker mortgage compensation as the process is “ongoing”, those affected may not receive the money owed to them until sometime in 2017. Remember, if the bank says you were overcharged and tells you by how much, make sure you get a copy of its calculations and either check the figures carefully yourself, or get them verified professionally.

  6. Contact us- Loan Analysis Solutions Locations : Naas, Kildare, Ireland Email : contact@loananalysissolutions.ie Website : www.loananalysissolutions.ie

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